Ray v. Foutch

In the spring of 1929, appellant Ray sold' and conveyed to W. B. Foutch three tracts of land in Dallam county, aggregating 2,017 acres, retaining in-his deed a vendor’s lien to secure a large amount of purchase-money notes. On default of Foutch in the payment of part of this purchase money, Foutch gave to Ray additional security in the fall of 1929. In December, 1930, Foutch reconveyed this land to appellant in consideration of the cancellation of all indebtedness held by appellant against Foutch, and appellant shortly thereafter went into possession of this land. At the time of this…