Moran v. Munhall

Citations

• 204 Pa. 242
• 53 A. 1094
• 1903 Pa. LEXIS 786

Syllabus

<p>Deed—Deed absolute—Trust and trustees—Mortgage—Oral contract— Acts of April 22, 1856, P. L. 532, and Jtme 8, 1881, P. L. 84.</p> <p>Where an absolute deed of real estate is made by a debtor to a creditor, and it is the intention of the parties that the deed shall extinguish the debt, and that the creditor may convey the land to whomsoever he chooses, but an oral agreement is made between the parties at the time, that the property shall be sold, that both parties shall use their best efforts to make a sale, and that any surplus remaining after the creditor is paid in full shall be paid to the debtor, the debtor is entitled to collect such surplus after a sale of the land, by an action of assumpsit. Such a parol agreement does not convert the actual deed into a mortgage under the Act of June 8, 1881, k. L. 84, nor into a trust under the Act of April 22, 1856, P. L. 532.</p>