Industrial National Bank of Rhode Island v. Searles

OPINION

SHEA, Justice.

This controversy involves a situation wherein a proposed buyer of real estate, unable to obtain financing, recorded his purchase-and-sale agreement for the purpose of preventing the owner from selling the property to others. The issue here, simply stated, is whether or not a frustrated purchaser of real estate should be permitted to use the provisions of G.L.1956 (1969 Reenactment) §§ 34-13-1 through 34-13-10 (Recording of Instruments) in this fashion. We say that he should not.

The sequence of events in this case is of some importance to our conclusions, and therefore a…