Barling v. Peters

Citations

• 131 Ill. 78

Syllabus

<p>1. Contract—whether creating an interest in land. A contract between A and B recited that B had purchased the undivided half of a. section of land for $15,000, of which $6000 was paid and the residue was-to be paid in twelve and eighteen months, and that A had advanced the $6000, and was to take the title subject to the deferred payments. It then provided that B should sell the land within one year, unless-otherwise agreed, and make no charge for buying, selling, etc., and that A should advance the money necessary to pay taxes and deferred payments, and that upon a sale A should be reimbursed all moneys advanced by him, with interest, and the balance of the proceeds should be equally divided between the parties. The title to the land was taken to B, who gave his notes for the deferred payments: Held, that under the contract both parties acquired an interest in the land; that B was-equally interested in the same after the advances made by A were repaid, with interest, and that he, or one succeeding to his interest, might call upon a court of equity to have the land sold and his interest thereby ascertained.</p> <p>2. Same-—supplemental contract giving either party power to sell. After the death of A, the trustees under his will made another contract with B, reciting therein that A and B had agreed to purchase the other undivided half of the land for their joint account and benefit, in all respects on the same terms as in the first contract, and that the property, owing to the death of A, had been conveyed to the trustees, by whom the purchase money was advanced. This contract stated that the last- purchased land was held by the trustees upon the same terms and conditions as in the prior contract, so far as the share and interest of B in the profit or loss on the purchase was concerned, and further provided, that in respect to both of said undivided halves the executors or trustees under the will of A should have a right, at any time, or from time to time, in their