Arnold v. Patrick

Citations

• 6 Paige Ch. 310
• 1837 N.Y. LEXIS 266
• 1837 N.Y. Misc. LEXIS 84

Syllabus

<p>Where a person who had contracted for the purchase of land, obtained a deed of the same, from the vendor, under an agreement that it should not be used until the balance of the purchase money then due was paid; Held, that this was a valid delivery of the deed to pass the legal title to the land to the vendee, subject to the vendor’s equitable lien for the unpaid purchase money; and that such unpaid purchase money must be paid in preference to a judgment against the vendee, which was a lien upon his estate in the land.</p> <p>And the vendor having again sold and conveyed the land and taken a bond and mortgage on such second sale, for a much larger amount than was due to him for the unpaid purchase money on the first sale, which mortgage and conveyance were recorded before the recording of the deed to the ■original purchaser, and the bond and mortgage were afterwards assigned to a person who was informed of the facts upon which the equitable rights of the parties depended; it was also held, that the assignee of the mortgage was only entitled to preference in payment out of the proceeds of the ' land over the judgment creditor of the original vendee, to the extent of the unpaid purchase money on the first sale with interest thereon.</p> <p>A deed of land, or other sealed instrument, cannot be delivered to the grantee or obligee himself as an escrow, to take effect upon the performance of a condition which is not expressed in the deed or instrument; and if so delivered the deed or instrument becomes absolute at law.</p>