Schmidt v. Schmidt

LEVINE, Justice.

Gerald Schmidt appeals from a district court summary judgment canceling a contract for deed. We affirm.

On August 21, 1978, Wilson and Odelia Schmidt sold their family farm to their son, Gerald, on a contract for deed. The purchase price was $115,000, with a $20,000 downpayment and the $95,000 balance payable in 40 annual installments at four percent interest. According to a subsequent IRS audit, the purchase price was a fraction of the actual worth of the property.

Wilson Schmidt died in 1980. Odelia Schmidt died in 1990. Because Gerald had not made the annual payments for many…