Baum v. Grigsby

Citations

• 21 Cal. 172

Syllabus

<p>The equitable lien which a vendor of real estate, after an absolute conveyance, retains upon the property for the unpaid purchase money is not assignable.</p> <p>This lien is not a specific absolute charge upon the property, but merely a personal privilege of the vendor, and does not pass by a transfer of his claim for the purchase money.</p> <p>The lien of the vendor is not waived, in the absence of express agreement to that effect, by the taking of the note or other personal security of the vendee for the purchase money; but is waived by the taking of a distinct and independent security, unless there is at the time an express agreement for its retention.</p> <p>The distinction between the lien of a vendor after absolute conveyance and the lien of a vendor when the contract of sale is unexecuted, stated. In the latter ease, the vendor holds the legal estate as security for the purchase money, and can assign his contract with the conveyance of the title, and in that event his assignee acquires the same rights and is subject to the same liabilities as himself. In the former case, the vendor retains a mere equity, which, to become of any force or effect, must he established by the decree of the Court.</p>