Dorough-Newald Co. v. Valley Farming Co.
Supreme Court of Arkansas
Appeal from Clay Chancery Court, Western District; Archer Wheatley, Chancellor; 1. At the time of the commencement of the original suit appellee had no right to foreclose the mortgage except for the $5,000 note due at the time. 2. Appellees purposely and deliberately refused to comply with the release provisions of the mortgage, and the only remedy appellants had was a resort to a court of equity, and they did so at the first opportunity. 3. Appellants had a right to a…
Read the full summary
Appeal from Clay Chancery Court, Western District; Archer Wheatley, Chancellor; 1. At the time of the commencement of the original suit appellee had no right to foreclose the mortgage except for the $5,000 note due at the time. 2. Appellees purposely and deliberately refused to comply with the release provisions of the mortgage, and the only remedy appellants had was a resort to a court of equity, and they did so at the first opportunity. 3. Appellants had a right to a release under the release provisions of the mortgage at any time before a decree of foreclosure. The only remedy appellant…
1Opinion of the CourtSmith, J.
The present appeal is a continuation of the case of Newald v. Valley Farming Co., 133 Ark. 456. The litigation began as a proceeding to f oreclose a mortgage executed by Newald to the Valley Farming Company. The transaction covered something over eight thousand acres of land, and it was contemplated by the parties that Newald should resell the land in small tracts, and the mortgage given to secure the purchase money, provided for the release of any land so sold upon payment of the pro rata part of the purchase money due on said land.
A corporation styled Dorough-Newald Company was formed to…
2Cases cited1 opinion
- Newald v. Valley Farming Co.Supreme Court of Arkansas · 1918
3Cited by1 opinion
- In Re StanleyUnited States Bankruptcy Court, W.D. Arkansas · 1994