Rigdon v. Shirk

Citations

• 127 Ill. 411
• 19 N.E. 698

Syllabus

<p>1. Cloud upon title—in what it may consist. A cloud is the semblance of a title, either legal or equitable, or a claim of an interest in land appearing in some legal form, but which in fact is unfounded, or which it would be inequitable to enforce.' If the claim sought to be removed is valid, and may be enforced, either at law or in equity, it is not a cloud.</p> <p>2. Contract—giving option to purchase land—validity of contract. A written contract by the owner of land, giving the person therein named an option or right, at his election, to pinchase the same at a certain price, and within a time therein specified, if fairly made upon sufficient consideration, is valid and binding. If not otherwise provided, such a contract may be assigned, and is of value to the holder.</p> <p>3. Same—contract for purchase of land—options held in the interest of several—relation between th,e latter. A, the owner of certain options for the purchase of a number of lots of land, transferred the same to B, to be held and used by him on joint account. B gave back a writing, certifying that A was interested in the options assigned by him, and concluding : “B is to hold said options for the joint and equal benefit of A and B. In case B is able to trade for the property, he agrees to give A one-half of the net profits after he has received in full the purchase price, with eight per cent interest on that amount for the time he has held it. The property is not to be sold for less than $175,000 until after May 1,1887, unless by consent of both A and B Held, that when B acquired the lots,' under the options, he held the title in trust, to reimburse himself for the purchase money and interest thereon, and the balance for himself and A in equal shares, and that this vested an equitable interest in A to the lots.</p> <p>4. Same—merger of contract rights—effect of a subsequent contract in relation to same subject matter, but which is abandoned. In the same case it appeared that A and B entered i