McGill v. Lester

BURNETT, Judge.

We are asked to decide whether an “option” to purchase real property should be treated, under the circumstances presented here, as a lien rather than as a contract of conveyance. This question arises from a dispute among several would-be purchasers of the subject property. The trial judge resolved the dispute against those who claimed under the “option,” holding that they had acquired nothing more than a lien to secure a debt. For reasons explained below, we uphold that determination. However, we also remand the case for reconsideration of costs and for an award of prejudgment…