Peoples Street Ry. Co. v. Spencer

Citations

• 156 Pa. 85
• 27 A. 113
• 1893 Pa. LEXIS 1315

Syllabus

<p>Affidavit of defence law — Practice, G. P.</p> <p>Where all the facts appear in the writings set forth in the plaintiff’s statement, and none of the papers which are merely referred to but not set out are essential to the cause of action, and the affidavit denies no part of the statement except the inferences from the face of the papers, the case is one for the court to decide upon the statement and affidavit.</p> <p>Option to purchase land — Interest in real estate.</p> <p>An option to purchase land is a substantial interest in the land which may be conveyed to a vendee.</p> <p>Lessee with option to purchase — Insurance money.</p> <p>A lessee of land who has an option to purchase the demised premises, has an equitable estate in the laud, and when he exercises his option, he is to be considered as the owner ab initio.</p> <p>Plaintiff conveyed land to defendant by deed, and received twenty thousand dollars, the consideration money mentioned therein. By a lease of the same date, defendant leased the premises to plaintiff for one year at a nominal rent, and in the lease gave an absolute and exclusive option to plaintiff to purchase the land at the end of the year for twenty thousand dollars, and interest. At the end of the term the arrangement was extended for another year. Plaintiff insured the buildings on the property for defendant’s protection, tito policy to be “ payable to him as his interest may appear.” Before the expiration of the second year, the buildings were burned. After the tiro plaintiff exercised the option, received from defendant a deed and paid him twenty thousand dollars. Defendant claimed the insurance money. Held that, on the exercise of the option to redeem, plaintiff’s equitable title reverted back to the date of the original agreement, and plaintiff became the owner of the land as it was at such date, or of the insurance money which stood pro tanto in its place.</p>