Rose v. Swann

Citations

• 56 Ill. 37

Syllabus

<p>1. Rescission of contract—in equity—delay by purchaser in making payment. In the year 1857, the owner of a lot of land executed a contract of sale for the same at $11,390.63, one-fourth cash, and the residue in one, two and three years. The purchaser paid only $140.63. In October of the same year, an assignee of the purchaser paid one-fourth the purchase money and received a deed from the original vendor for one-fourth the land. The remaining three-fourths of the purchase money was never paid. In 1866 the original vendor filed his bill in chancery, against his vendee and others claiming under him, to enforce the payment of the purchase money, or the cancellation of the contract in the event of non-payment: Held, the vendor was entitled, after such laches, to have the contract declared forfeited.</p> <p>3. Specific performance — laches. A purchaser of land, who filed his bill for specific performance, had become the assignee of a contract of purchase of the premises at $400, one-fourth cash, and residue in one, two and three years from May, 1857, and the payment of taxes. The assignee, seeking relief, made only one payment on the contract, that due May, 1858. The payments due in 1859 and 1860, were never paid, nor was any tender made until about the time of filing the bill, in September, 1868, nor had the complainant paid any taxes: Held, the gross delay in not performing the terms of the contract, utterly forbid the interposition of a court of equity.</p> <p>S. Parties— Ml for specific performance, by a vendor. Subsequent purchasers from one who holds under a contract of purchase of land, are not necessary, although they are proper, parties to a bill by the original vendor for specific performance.</p> <p>4. Estoppel — cancellation of a contract of sale—rights of subsequent purchase's. A decree declaring a contract of sale of land forfeited, on account of laches on the part of the vendee in making payment, will bar any relief' sought by a subsequent purchaser fro