Ray v. Pearce

George Rose Smith, Justice.

In 1968 the appellees, Nell Pearce and the John A. Daltons, bought two lots in Findevco Scenic View Subdivision in Baxter county. The subdivider, Findevco Corporation, upon making the sales, should have paid $150 per lot to the appellant, Patricia A. Ray, to obtain a release of the lots from Ms. Ray’s blanket mortgage upon the entire subdivision. Findevco Corporation, however, failed to make the payments and obtain the releases. The question now is whether the purchasers are liable to Ms. Ray for $150 per lot, as the chancellor held, or for the entire deficiency…