Law Commons^™

Vendor -Purchaser-Prospective Inability Of Vendor To Convey

Michigan Law Review

In a contract for the sale of sixty-three lots of a subdivision, the defendant agreed to take the purchase money by installments extending over a period of eighteen months, and promised to convey the premises free from encumbrances when twenty-five per cent of the sale price was paid. While the plaintiff was not in default the defendant mortgaged the entire subdivision to one who was not charged with notice, to secure the payment of bonds some of which did not mature for five years. Stipulations m the mortgage allowed the release of any lot on deposit with the mortgagee of …