McGill v. Lester

I respectfully dissent from the opinion of the Court. While it is conceivable that a duly exercised option to purchase realty might, in certain circumstances, be given legal effect as a security interest, the facts do not justify such a result in this case. By the Court’s opinion, a clearly worded option to purchase is transformed into a mortgage by the testimony of other interested parties as to their belief of LesterHibnes’ intent ten years earlier. The record indicates one of the reasons LesterHibnes entered into the option agreement was to protect their interest in Fretwell’s equity in…