Mattson v. Dresser
Mattson v. Dresser
Opinion of the Court
delivered the opinion of the court.
1. It is conceded by the litigants that no interest became due on any installment until the maturity of such installment. The complaint, in effect, states that the purchase price was $7,000; that $2,000 was paid when the contract was signed; that the balance was payable on or before definite dates in four installments; that the first two installments had been paid, but that the third was due and unpaid, although interest on this as well as on the last installment had been paid up to February 9, 1913; and the plaintiffs claim that they are entitled to a foreclosure of the contract because the third installment, amounting to $300, and maturing on November 1, 1913, was due and unpaid. The answer, in substance, denies that any installment is overdue. The defendants aver that only the first three installments, amounting, principal and interest, to the sum of $695, have matured under the terms of the contract, and that the plaintiffs have been paid $1,065.50. The reply says that after the making of the contract the plaintiffs received $1,006.64, which was applied, as directed by the persons making the payments, on: (1)
2. If it is determined that the plaintiffs are entitled to a foreclosure, the court will have a right to fix a reasonable time for the payment of the balance of the purchase price, and, no doubt, the circumstance that plaintiffs have received more than defendants were obliged to pay will, as it should, exercise a persuasive influence in deciding what is a reasonable time for payment within the principle announced in Flanagan Estate v. Great Cent. Land Co., 45 Or. 335 (77 Pac. 485). The decree and judgment are reversed, and the cause is remanded for further proceedings not inconsistent with this opinion. Reversed.
Reference
- Full Case Name
- MATTSON v. DRESSER
- Status
- Published