Leis v. Sinclair

Citations

• 67 Kan. 748
• 74 P. 261
• 1903 Kan. LEXIS 325

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Mortgage — Contract of Assumption Construed. A written agreement guaranteeing that a certain mortgage debt of the grantors, assumed by a grantee, should at its maturity be extended at the option of the grantee, but not fixing the duration of such extension, and further that the grantors would pay all interest in excess of six per cent, per annum which the grantee might have to pay, is not definite as to time of the extension, but whatever uncertainty and defect there was in it was cured by the action of the grantors in subsequently recognizing and ratifying it.</p> <p>2. Contract — Time of Performance Not Specified. Ordinarily where there is a stipulation in an executory contract to do some act, and the time of performance is not specified, it is to be done within a reasonable time; and therefore the want of a stipulation to that effect does not necessarily render the contract void.</p> <p>3. Mortgage — Agreement to Procure Extension. The attempt of the grantors to obtain an extension from one who had authority to extend, and their offer to purchase and obtain an assignment of the debt from an owner who was unwilling to sell and transfer it, were not a compliance with their agreement guaranteeing an extension.</p> <p>4. -Liability of Grantors. The grantors having failed to obtain an extension of the debt, it was competent for the grantee to do so, and the grantors are liable for any excess of interest or charges for the use of the money over six per cent, per annum, as the agreement provided.</p>