Spence v. Steadman
Supreme Court of Georgia
Mortgage. Sale. Conditional deed. Debtor and creditor. Injunction. Enoch Steadman filed his bill against I). W. Spence and O. S. Porter, alleging, in substance, that in June, 1871, he was the owner of a large property in Newton county worth $100,000.00, consisting of land on which was a cotton factory ; that he was considerably in debt; that his debts were pressing and he was desirous to raise money; that with this view he made a written proposal to defendants to sell them…
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Mortgage. Sale. Conditional deed. Debtor and creditor. Injunction. Enoch Steadman filed his bill against I). W. Spence and O. S. Porter, alleging, in substance, that in June, 1871, he was the owner of a large property in Newton county worth $100,000.00, consisting of land on which was a cotton factory ; that he was considerably in debt; that his debts were pressing and he was desirous to raise money; that with this view he made a written proposal to defendants to sell them his property at $50,000 00, $40,000 00 to be used for paying his debts, and $10,000 00 to remain in defendants’ hands to…
1Opinion of the Court
McCay, Judge.
A sale with an agreement to repurchase, or as is usually termed a conditional sale, though nearly allied to a mortgage, is yet very distinct in its effect, if the terms of the condition be not complied with. By the strict rules of the common law even in the case of a mortgage, if payment was not made according to the agreement, the estate was forfeited, and the title remained absolutely in the mortgagee. But Courts of equity, taking into consideration the important fact that it was not the intent of the parties to sell, but only to secure the payment of a debt, came to the relief…
2Cases cited3 opinions
- Conway's Executors & Devisees v. AlexanderSupreme Court of the United States · 1812
- Cooper & Grove v. Lampeter TownshipSupreme Court of Pennsylvania · 1839
- Fink v. HakeSupreme Court of Pennsylvania · 1837
3Cited by8 opinions
- Felton v. GrierSupreme Court of Georgia · 1899
- Manget Realty Co. v. Carolina Realty Co.Supreme Court of Georgia · 1929
- Christopher v. CoxCourt of Appeals for the Eleventh Circuit · 2007
- Haire v. CookSupreme Court of Georgia · 1976
- Hobbs v. HoustonSupreme Court of Georgia · 1943
3 more not listed; retrieve them via the Exa API.