Coffman v. Niswander

Citations

• 26 Va. 737
• 26 Gratt. 737

Syllabus

<p>In 1857 C, by a verbal contract, sold to N a lot in 3D, and N took possession of the lot, built a house upon it and improved it, but did not pay the purchase money at the time agreed. C having become the security of N as the guardian of W and in a debt to K, in April 1861 they entered into a written agreement, whereby, reciting these facts, it was agreed that C should retain the legal and equitable title to the property until the purchase money for the lot and the debts for which C was bound as the surety of N were fully paid. This agreement was not recorded. After the war N became a bankrupt; and in 1868 C filed his bill against N and his assignee, to have the property sold and applied to the payment of the purchase money for the lot and the debts for which C was surety for NT; and it was sold, not bringing enough to pay C for his purchase money and what he paid for N to W. Other judgment creditors of N intervene and claim the proceeds of the sale after payment of the purchase money. Held :</p> <p>1. N had neither the legal nor equitable title to the property until the debts were paid.</p> <p>2. The judgment creditors of N have only the equities of N against C; and as against them, the agreement between C and N is valid, though not recorded.</p>