Penman v. . Slocum
New York Court of Appeals
This is an appeal from a judgment of the General Term of the Supreme Court in the first judicial district, affirming a judgment in favor of the plaintiff entered on the report of William F. Allen, referee.
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This is an appeal from a judgment of the General Term of the Supreme Court in the first judicial district, affirming a judgment in favor of the plaintiff entered on the report of William F. Allen, referee. In July, 1855, the defendant owning land situated in Providence, Pa., entered into an agreement with plaintiff’s intestate and J. J. Slocum, “ to sell and convey the same to them, provided, they in sixty days paid him the sum of $75,000; $15,000 in cash, and balance in five equal annual payments secured by bond and mortgage; reserving the power in himself to sell the land, at not less than…
1Opinion of the CourtJames, J.
The validity of the two contracts of July 3d, 1855, was not questioned on the trial. Their validity being-conceded, the plaintiff’s intestate, and J. J. Slocum acquired the right to purchase or sell the lands, at any time within the next sixty days, subject to the defendant’s right to sell; in which event they were each to have a sum specified. This was a valuable interest, and formed a sufficient consideration for the subsequent agreement of August 8th, 1855.
By that agreement, defendant was to sell said property to Remington for $90,000, and out of the first proceeds to retain $67,000 ; then…
2Cases cited2 opinions
- Ryan v. . DoxNew York Court of Appeals · 1866
- Case v. . CarrollNew York Court of Appeals · 1866
3Cited by4 opinions
- Orton v. NoonanWisconsin Supreme Court · 1872
- Turner v. PierceWisconsin Supreme Court · 1872
- Stromeyer v. CombesNew York Court of Common Pleas · 1888
- Brown's AccountingNew York Surrogate's Court · 1874