Jones v. Real Estate Saving Institution
Jones v. Real Estate Saving Institution
Opinion of the Court
In 1862 plaintiffs owii.ed a lot of ground in the city of St. Louis, bounded north by Jefferson street, west by Eleventh street, east by Tenth street, and south by an alley. There are five two-story brick houses and three frame houses on the lot. The improvements were made and the land bought partly with the money of the plaintiff, Julia Jones, but the title was in her husband, Lewis Jones, her co-plaintiff'. On the 1st of December, 1862, Lewis Jones borrowed of defendant $5,650, for which he gave his note, payable three years after its date, with interest from its maturity at ten per cent, per annum, and six semi-annual interest notes, each for $282.50, all secured by a deed of trust convoying the above described property to Jno. M. Krum. Porter & Wolf afterwards — until about 1867 — and then Levering & Webster wore the agents of plaintiffs, to collect their rents, pay taxes, &c. These agents collected the rents, and from time to time, deposited
After this purchase, in 1869, the defendant had the property advertised for sale by the trustee, Jno. M. Krum, to satisfy the indebtedness 'secured by the ’deed of trust to Krum, and in their petition, plaintiffs alleged -that there was an agreement between them and the . defendant tbat the latter should purchase the property and hold it until the satisfaction of their debt out of the rents of the property, and then convey it to Julia. In November, 1872, the defendant sold and conveyed all of said property to Henry Ligby, for the consideration of $10,000, and the plaintiffs charged in their petition that Ligby purchased with notice of their equity, and asked tó be permitted to redeem said land, and for general relief.
On the trial, the court submitted to a jury, the following issues :
First. Lid the Real Estate .Saving Institution purchase the property described in the petition, at sheriff’s sale, and agree with the plaintiffs, at the time of said sale, to hold said property in trust for them, until the rents of the same should pay the debt mentioned in the petition, or until said property should be otherwise redeemed by the plaintiffs ?
Second. Lid the Real Estate Saving Institution purchase the property described in the petition, at trustee’s sale, and agree with the plaintiffs, at the time of said trustee’s sale, to hold said property in trust for them until the rents
Third. Did defendant, ITenry Digby, prior to his purchase of the property in question, from the said Real Estate Saving Institution, have any notice of the alleged private agreement or understanding between said institution and plaintiffs, as charged in the- petition?
To the first and second issues, the jury said “ Tes.” To the third issue, they- said- “ No.”
"With -the Digby branch of the case, we have now nothing to do. That controversy lias been determined by us in another cause, at this term — Digby v. Jones and Wife, ante p. 104. The circuit court, upon these findings, gave judgment for Digby, and holding -the Real Estate Saving Institution., as a trustee of the, property for the plaintiffs, -gave judgment against it for-$13,000. Defendant appealed •to-the Court of -Appeals, where the decree of the circuit court was set aside, and a decree entered in favor of plaintiffs against defendant for $10,917, with, interest, on that amount from 17th' November, 1872, at six per cent, per annum. From that j udgment, defendant has appealed to this court.
Wo are not inclined to disturb the findings of the court and the jury, on the issues submitted. There was conflicting evidence, and no such preponderance on either side as would warrant us in disturbing the verdict, whether on those issues it had been for plaintiff or defendant. Wo shall affirm so much of the decree as finds and holds the defendant as a trustee for plaintiffs, from the date of their -purchase under the execution sale, 20th clay of February, 1869, to the date of the sale made by the defendant to Digby in November, 1872. It is clear from the evideuco of Lewis Jones, and Mrs. Robertson, and Naylor, that in -1869 there was a considerable balance due defendant from Jones, on the note secured by the deed of trust.
Mrs; Robertson says she was present at a-conversation
Reversed.
Reference
- Cited By
- 1 case
- Status
- Published