Knox v. Perkins
Knox v. Perkins
Opinion of the Court
The material facts in this case are these: The defendants sold to Rudd & Smith, whose assignees in insolvency the plaintiffs are, certain real and personal estate, appraised at the time of sale in separate items, amounting in the whole to $ 5,500, for the sum of $ 5,100, beside a note of $ 200, which the vendees were to pay only in case they found that the prop
The plaintiffs contend that the agreement which was indorsed made the title of the defendant to the buildings only a mortgage title, which was defeated by the proof of the notes in insolvency without any deduction of the sum thereby secured; or that it constituted a conditional sale, and that the condition was waived, and the title of Rudd & Smith became absolute.
We think the whole transaction did constitute a conditional sale of the buildings, and that the title to them passed to Rudd & Smith, defeasible upon a condition subsequent.
But the purchase of the property was for one entire sum, and not for an amount made up by adding the prices set upon the
It might wed be doubted whether any failure to take immediate possession of the buildings could be held to be evidence of such a waiver. But it is unnecessary to consider that question, because the condition applied by its terms to each and every failure of payment continued for three months after a note became due. There might therefore be successive breaches of the condition. If, when the first occurred, and the defendant omitted to take advantage of it, the right to do so might be considered as waived or relinquished, the right would again arise upon the next note becoming due, and might then be asserted. It would resemble a right of entry for nonpayment of rent, where a waiver of the right, upon the tenant’s delinquency on one rent day, would not preclude the landlord from availing himself of a repetition of the breach of contract on a subsequent day.
There was a failure to pay several of the notes; and the defendant, with the assent of Rudd & Smith, asserted their right of property, and took the possession which made it effectual, before the insolvency and before the plaintiffs had any interest in the matter. No right of theirs was violated, and the decision of the court below must be affirmed.
Nonsuit affirmed.
Reference
- Full Case Name
- Charles W. Knox & another v. Augustus M. Perkins
- Status
- Published