Whitmer v. Schenk

Citations

• 11 Idaho 702
• 83 P. 775
• 1906 Ida. LEXIS 4

Syllabus

<p>Option to Purchase Mining Property — Forfeiture — Resulting Trust.</p> <p>1. Where B. executes a deed in favor of A. for certain mining property and places it in eserow to be delivered to A. upon his payment to the holder of the escrow the purchase price to the credit of the grantor within a specified time, and prior to the expiration of the time in which such payment may be made B. sells and conveys the property to S., a third party, who has notice of the eserow to A., and of the terms and conditions thereof, and A. fails and negleets to make the payment due on the eserow, and makes no demand for the eserow deed and makes no offer of payment either to the grantor or holder of the eserow, and is not hindered or dissuaded from so doing by either B. or S., held that A. forfeited and lost all his rights under the eserow, and that S. cannot be held as trustee of a resulting trust for the use and benefit of A.</p> <p>2. Upon fulfillment of the conditions of an eserow agreement and the delivery of the deed to the grantee, the deed will relate back to the date of making the escrow agreement for the purpose of cutting off any intervening rights or equities acquired by a third party who had notice of the terms and conditions of the escrow.</p> <p>(Syllabus by the court.)</p>