Battery Park Bank v. Loughran

Citations

• 30 S.E. 17
• 122 N.C. 668
• 1898 N.C. LEXIS 326

Syllabus

<p>Action on' Note for Purchase Price of Land■ — Sale of Land— Bond for Title — Power of Sale — Conditions in Notes— Liability of Vendee for Purchase Money — Vendor, Ability of to Make Good Title — Statute of Limitations — Pleading.</p> <p>1. The Statute of Limitations must be pleaded if a party wishes to rely upon that defence.</p> <p>2. Where a vendee of land executed notes for the purchase price which recited that they were secured by bond of even date therewith and accepted from the vendor a bond to make title to the vendee upon payment of the notes, such bond containing a power of sale in case the notes should not be paid at their maturity; Held, that the vendee was bound by the power though he did not sign the bond.</p> <p>3. Where a vendor sells land to a vendee and gives bond to make title upon the payment of the purchase money notes and stipulates in the bond that he shall have power to sell the land upon nonpayment of the notes, he can, after selling the land and applying the proceeds to the credit of the notes, sue for the deficiency, provided that he had a good title to the land when he sold under the power.</p> <p>4. Where notes for the purchase money of land stipulated that, upon nonpayment of the interest, all the notes should become due and contemporaneously with said notes the vendor executed and delivered a bond to make title upon the payment of the notes and reserved to himself the power to make sale of the land upon non-payment of the notes; Held, that, the execution of the bond and notes being a part of the same transaction, all the notes became due on the default in payment of interest and the power to sell the land accrued to the vendor.</p> <p>5. It is not necessary that one who contracts to sell land shall have a good title at the time of the contract; it being sufficient if he perfects his title before he is called upon for the conveyance or before he calls upon the purchaser for the purchase money.</p> <p>6. In an action for the balance du