Parks v. McIntosh

COMPTON, Chief Justice.

The parties to this action are ranchers of considerable experience in that field. The plaintiffs owned a ranch in Catron County consisting of both deeded and leased land. The defendants also owned both deeded and leased land in Lea County. They agreed to> exchange ranches, and, in adjusting the consideration, the defendants gave plaintiffs a secured promissory note in amount of $7,000, bearing 6% interest, payable in annual installments of $1,000. The agreement of the parties was embodied in a written contract, the pertinent provisions of which read:

“First Parties…