Reed v. Parker

Citations

• 33 Wash. 107
• 74 P. 61
• 1903 Wash. LEXIS 495

Syllabus

<p>Demurrer—Error—Waiver by Pleading Over. Error in sustaining a demurrer to a complaint is waived by the filing of an amended complaint.</p> <p>Appeal-Review of Findings. Findings of the trial court that an absolute deed was not intended as a mortgage will not be disturbed when it does not manifestly appear that the court erred as to the weight of the evidence.</p> <p>Mortgages—Deed from Mortgagee—When not an Assignment —Option to Repurchase. Where an absolute deed is given as a mortgage, a conveyance by the mortgagee at the owner’s request to a third person, who pays the debt, is not to be construed as an assignment of the mortgage when the same was made pursuant to an agreement with the owner including additional consideration, and reserved a mere option to repurchase the property.</p> <p>Mortgages—Necessity oe Debt—Option—Conditional Sale— Absolute Deed—When not a Mortgage. A contract providing that the defendants should take title to and possession of plaintiffs’ realty, upon discharging a mortgage and other liens thereon, and that plaintiffs should have the right to repurchase within two years upon repayment of the sums paid with interest and taxes, is not a mortgage, but is a mere option or conditional sale, which is forfeited after expiration of the time, where the contract expressly so provides, and there was no gross inadequacy of price, and no obligation on the part of plaintiffs to repay said sums, as there was no debt capable of enforcement and no mutuality of right to foreclose and redeem.</p> <p>Same—Inadequacy of Price. In such a case where the premises were worth $2,500, and the amount paid was over $1,700, with interest and taxes for two years, there was no gross inadequacy of price.</p>