In re Theodoropoulos

MORTON, District Judge.

The facts are as stated in the referee’s report. Those essential to the present discussion may be briefly summarized: More than four months before the filing of the present bankruptcy petition against him, Theodoropoulos made a written contract with Chisholm, by which the latter agreed to furnish labor and materials in the erection of houses on the former’s land, in consideration of an agreement by Theodoropoulos either to pay therefor when the houses should be completed, or, if unable to pay, to give Chisholm an absolute conveyance of them. The equity in the houses…