Libel v. Pierce

Plaintiffs owned a certain tract of real estate encumbered with mortgages adjacent to the Columbia Boulevard near Portland, Oregon, hereinafter referred to as the Columbia Boulevard prop erty. On this tract of land was located a combination dwelling house and store building, a stock of merchandise and a gasoline service station. Defendant owned two lots with houses thereon, encumbered with mortgages, in Portland. It appears that on or about May 4, 1931, they entered into a written agreement to exchange these properties subject to the encumbrances thereon. In plaintiffs’ agreement to sell, the…