McClintic v. Wise's adm'ors
Supreme Court of Virginia
In the year 1857, David G-. Wise sold to Alexander G-. McChesney certain real estate in the county of Bath, at the price of $4,100; of which $1,000 was paid in hand, and for the residue three bonds of the purchaser were given, viz: for $1,000, payable January 1st, 1858; for $1,100, payable January 1st, 1859; and for $1,000, payable January 1st, I860.' The vendor executed to the purchaser a title bond binding himself to make a good title to the land upon the payment of all…
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In the year 1857, David G-. Wise sold to Alexander G-. McChesney certain real estate in the county of Bath, at the price of $4,100; of which $1,000 was paid in hand, and for the residue three bonds of the purchaser were given, viz: for $1,000, payable January 1st, 1858; for $1,100, payable January 1st, 1859; and for $1,000, payable January 1st, I860.' The vendor executed to the purchaser a title bond binding himself to make a good title to the land upon the payment of all the purchase money. The first of these bonds was paid to Wise in his lifetime, and the third, due January 1st, 1860, was…
1Opinion of the CourtStaples, J.
In this case, the vendor of a tract of land having taken two bonds for a balance of unpaid purchase money, made an assignment of the one last falling due,' retaining the first in his own possession. The land is insufficient to satisfy both bonds, and the question before us is, which is entitled to priority of payment.
The representatives of the vendor or assignor, as he-may be termed, insist that inasmuch as the bond retained first matured, it is, by the terms of the contract, to be first paid; and this affords a sufficient, ground for precedence of satisfaction out of the fund provided as a…
2Cases cited1 opinion
- Gwathmeys v. RaglandSupreme Court of Virginia · 1823
3Cited by20 opinions
- Stimpson v. BishopSupreme Court of Virginia · 1886
- Tingle Adm'r v. FisherWest Virginia Supreme Court · 1882
- Richmond & Petersburg Electric Railway Co. v. Seaboard Air Line RailwaySupreme Court of Virginia · 1905
- Paxton v. RichSupreme Court of Virginia · 1888
- Camden v. AlkireWest Virginia Supreme Court · 1884
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