Sidney Land & Colony Co. v. Milner, Caldwell & Flowers Lumber Co.
Supreme Court of Alabama
Appeal from the Chancery Court of Butler. „ Heard, before the Hon. W. L. Parks. The facts in the case are’sufficiently stated in the opinion.
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Appeal from the Chancery Court of Butler. „ Heard, before the Hon. W. L. Parks. The facts in the case are’sufficiently stated in the opinion. If the vendee has received a\deed and its covenants are broken by an outstanding incumbrance, it is competent for a court of equity when the vendor is insolvent, to restrain the collection of so much of the purchase money as will compensate for the injuries resulting from the breach, or order it appropriated to the ex-tinguishment. of the incumbrance. — McLemore v. Mai-son, 20 Ala. 137; Wilkinson r. Hearcy, 74 Ala. 242; Ma-gee ■v. McMillan d, 30 Ala.…
1Opinion of the CourtMcCLELLAN, C. J.
On June 26, 1902, the appellee, the Lumber Co., sold and conveyed to the appellant, the *188Sidney Co., certain parcels of land aggregating more than 20,000 acres for $40,920. Of the purchase money $5,000 was paid at the time of sale, and for the balance the Sidney Co. executed three notes, one for $17,960 due January 1,1903, one for $8,980 due July 1, 1903, and one for $8,980 due January 1, 1904, each bearing interest'at the rate of 6 per cent. To secure the payment of these notes the Sidney Co., on the date of the sale and conveyance, executed a mortgage on said land to the Lumber Co., with…
2Cited by1 opinion
- Louisville & Nashville Railroad v. DuncanSupreme Court of Alabama · 1902