Holliday v. Hammond State Bank

Citations

• 116 La. 890
• 41 So. 198
• 1906 La. LEXIS 592

Syllabus

<p>1. Depositaries—Contract—ConstructionLiabilities.</p> <p>Where real estate is sold by authentic act,, but the buyer does not take possession under the act, and the price, instead of being paid, is deposited in bank subject to the condition that it shall not be paid to the vendor until the title shall have been examined and found to-be good, the money so deposited is, alike, placed. beyond the control of the purchaser, and withheld from the seller, and the bank, not having been advised by both parties of either, the faiL ure or the fulfillment of the condition, the purchaser has no right to draw the money, and the seller has no right to demand that it be turned -over to him and the bank incurs no liability for damages for refusing to honor the check of the purchaser therefor.</p> <p>[Ed. Note.—For cases in point, see vol. 16, Cent. Dig. Depositaries, §§ 3, 9, 11.]</p> <p>2. Same.</p> <p>Where the .purchaser of real estate has signed the completed act of purchase, but does not take possession thereunder, and, instead of paying the price, by agreement with the seller, deposits the same in bank, subject to the condition that it shall not be paid to the latter until the title to the property shall have been examined and found to be good, and where it appears that there is a defect in the title, of which the purchaser was informed, when the act was signed by him, and which it was the purpose of the agreement and the deposit to give the seller a reasonable opportunity to cure. He Id, that the money cannot be withdrawn by the purchaser, without the consent of the seller, until such reasonable opportunity shall have been exhausted.</p> <p>3. Same—Evidence oe Agreement.</p> <p>Where money has been deposited in bank to await the result of the examination of a title to real estate, a completed act of sale of which has already been signed, and suit is brought against the bank for its recovery by the purchaser, and by the seller intervening and claiming it as the purchase pric