Lowery v. Peterson
Supreme Court of Alabama
Appeal from Pickens Chancery ’Court. Heard before Hon. Tiiomas Cobbs. On 23d October, 1879, J. W. E. Lowery entered into a written contract with M. G. and B. E. Cosper, by which lie “ contracted and agreed to sell ” to them a designated tract of laud in Pickens county, in this State, at and for the sum of $1,655.40, payable in three equal installments, one on 1st January, 1881, one on 1st January, 1882, and the other on 1st January, 1883 ; and to execute and deliver to them…
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Appeal from Pickens Chancery ’Court. Heard before Hon. Tiiomas Cobbs. On 23d October, 1879, J. W. E. Lowery entered into a written contract with M. G. and B. E. Cosper, by which lie “ contracted and agreed to sell ” to them a designated tract of laud in Pickens county, in this State, at and for the sum of $1,655.40, payable in three equal installments, one on 1st January, 1881, one on 1st January, 1882, and the other on 1st January, 1883 ; and to execute and deliver to them a deed to said land, with covenants of warranty, on payment of the purchase-money. It was also provided in the contract…
1Opinion of the Court
BRICKELL, O. J.
When, as in the present case, a vendor of lands retains in himself the legal title, covenanting or agreeing to convey it at a future day, upon condition that the vendee makes payment of the purchase-money, lie carves out his own security, which is in the nature of a mortgage, and to which all the essential incidents of a mortgage attach. The relation of the parties is analogous to, if not precisely, that which would have been created, if the vendor had made a conveyance of the legal estate, and, contemporaneously, the vendee had executed a mortgage to secure the payment of the…
2Cases cited2 opinions
- Bankhead v. OwenSupreme Court of Alabama · 1877
- Stewart v. AndersonSupreme Court of Alabama · 1846
3Cited by22 opinions
- S. R. A., Inc. v. MinnesotaSupreme Court of the United States · 1946
- Russell v. Birmingham Oxygen Service, Inc.Supreme Court of Alabama · 1981
- Fulenwider v. RowanSupreme Court of Alabama · 1902
- Gessner v. PalmateerCalifornia Supreme Court · 1891
- United States v. Shelby Iron Co.Supreme Court of the United States · 1927
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