Marc L. Fairchild v. John Bilbo

FAIR, J.,

for the Court:

¶ 1. John and Gwen Bilbo entered into a. lease-purchase agreement (LPA) with Marc and Donna Fairchild for their property. The LPA gave the Bilbos the option to purchase the property on or before July 1, 2017. The property was covered by two hazard insurance policies. After a tornado destroyed the property, the Bilbos sought specific performance of their option to purchase. The Fairchilds refused. The chancellor found that the Bilbos were entitled to specific performance as well as the insurance proceeds from both policies. We affirm the chancellor’s decision.

FACTS

¶ 2.…