Denby v. Ellis

The plaintiffs herein were vendors in a land contract dated January 12,1927, whereby they contracted to sell and convey to the defendant eight parcels of land in Wayne county, Michigan, for a consideration of $1,837,500, of which $30,000 was paid before the execution of the contract. Further payments were to be made as follows: $20,000 March 1, 1927; $391,000 April 5, 1927; and the balance in annual instalments of $139,650, the final payment being due November 5, 1934. Neither the March nor the April payment was made, and a bill for foreclosure was filed by the vendors April 12, 1927. A…