Neeson v. Smith

Citations

• 47 Wash. 386
• 92 P. 131
• 1907 Wash. LEXIS 772

Syllabus

<p>Mortgages—Deed as Mortgage—Contract to Reconvey—Vendor and Purchaser—Options—Conditional Sale. Where a mortgagor deeds the mortgaged property to the mortgagee, who surrendered the notes, cancelled the mortgage, took possession of the jiroperty, giving back an agreement to reconvey to the mortgagor for a certain sum at any time within two years, leaving it optional with the mortgagor to repurchase the same, the deed is absolute and not a mortgage, as the relation of debtor and creditor ceases to exist; and the agreement to convey is an option that expires at the time fixed, and not a conditional sale, although alluded to as such, and time was not made of its essence.</p> <p>Vendor and Purchaser—Conditional Sale—Forfeiture—Acquiescence In. After the time for completing a conditional sale had •expired, a sale to a third person, not objected to for five years, constitutes a forfeiture of the conditional sale, acquiesced in by the purchaser.</p>