Fletcher v. Northcross

Citations

• 3 Cal. Unrep. 799
• 32 P. 328
• 1893 Cal. LEXIS 1013

Syllabus

<p>Mortgage or Conditional Sale.—Foreclosure Proceedings were Dismissed, and the mortgagor executed a deed to the mortgagee, pursuant to an agreement whereby the mortgagee was to satisfy the mortgage of record, and the mortgagor was to have the privilege of selling the land within six months thereafter, and retain all moneys which he might receive therefor over and above a specified sum, which he was to pay to the mortgagee. Held, that, in view of the facts that the mortgagor made no promise to pay any sum to the mortgagee, that the sum to be paid the mortgagee in ease of a resale was several thousand dollars less than the mortgage debt, that no interest was to be paid by the mortgagor, and that the mortgagee at once took possession of the premises, the transaction must be construed, not as a mortgage, but as a conditional sale, to become absolute on the mortgagor’s failure to sell the land within the time specified.</p>