Loud v. Pomona Land & Water Co.

Citations

• 153 U.S. 564
• 14 S. Ct. 928
• 38 L. Ed. 822
• 1894 U.S. LEXIS 2205

Syllabus

<p>By ah agreement under seal the party of the first part agreed that, after the making of' the payments and. the full performance of the covenants as agreed to by the party of the second part, he would convey to the party of-the second part, certain described lands in California, together with a specified number of shares in the stock of an irrigation company, representing a certain pressure of water, to be delivered to the party of the second part on making payment in full for the land. The party of the second -part agreed to pay for the land in ‘ fixed consecutive payments, and both parties- agreed that the instrument should not be construed as a conveyance, equitable or otherwise, and that, until delivery of the formal deed or tender of all payments precedent thereto, the party of the second part should have no title, equitable or otherwise, to the premises. Held,</p> <p>(1) That these covenants were independent, and that the payment or tender of payment of the purchase price for the land was a condition precedent to the right to the conveyance;</p> <p>(2) That the party of the second part, on making the contract payments, became entitled to receive the agreed number of shares in the irrigation company, subject to the by-laws of such company, but not stock which represented the title to water or water rights to the extent of such pressure.</p>