Security State Bank v. Monona Golf Club

On February 19, 1926, the Kayser Estate sold certain property to the defendant Monona Golf Club, upon a land contract, the purchase price being $48,000. The contract called for deferred payments on principal. The defendant has paid to the Kayser Estate on account of principal the sum of $23,000, and in addition has constructed an eighteen-hole golf course at a cost of about $1,000 a hole, *583and has installed additional improvements of about $6,000 upon the club house and grounds. On February 29, 1928, plaintiff loaned defendant $2,500 with which to meet the principal payment due on March 1,…