Biggs v. Elliston Development Co.

Citations

• 93 Va. 404
• 25 S.E. 113
• 1896 Va. LEXIS 88

Syllabus

<p>1. Cobpobations—Contract with Stockholder—Estoppel.—A corporation may contract with one of its stockholders as with a stranger. There is nothing in the mere relation of stockholder to a corporation which will estop the stockholder from asserting any claim against the corporation which he might, under similar circumstances, assert against an individual.</p> <p>2. Vendos’s Lien—Effect of Dividing Land into Town Lots with Streets and Alleys.—If real estate be conveyed to a purchaser by a deed in which the vendor reserves a lien for the balance of purchase money, the purchaser cannot bind the vendor by any contract prejudicial to his-interest. Although a purchaser subdivides land into blocks and lots,, with convenient streets, lanes, and alleys, and sells off a part of the lots, the whole is still bound to the vendor for the balance of the purchase money, unless some act or declaration on the part of the vendor, tending to deceive or mislead, or some contract, or act of acquiescence, recognition, or affirmance on his part of the dedication, to the prejudice of his rights, can be shown in evidence. Purchasers of a part of the land have the right to insist that the land shall beofféred in the inverse order of alienation, but if, when so offered, it fails to bring sufficient to discharge the vendor’s lien, the court should direct it to be sold as a whole, if thereby a better price can be obtained.</p>