Dalliba v. Riggs

Citations

• 7 Idaho 779
• 67 P. 430
• 1901 Ida. LEXIS 43

Syllabus

<p>Transfer of Property by Deed — Contract to Take Stock in Corporation as Payment, in Part — Security for Balance — Lien Upon Property Sold. — Where a party sells real estate and personal property by quitclaim deed, and at the same time makes a contract, by the terms of which he agrees that the purchaser may sell to other parties or organize a corporation, and in case of a corporation, he to receive a certain portion of the paid-up nonassessable stock, to be placed in the hands of a trustee to be named by him, and such stock is) issued and placed as by the terms of the contract agreed upon, the balance of the purchase price to be paid out of the net earnings of the property so’d, he accepts such stock as his security for such balance, and has no lien upon the property so sold.</p> <p>(Syllabus by the court.)</p>