Majority
Headnote
Py a written contract, executed by the plaintiff and defendant, the former agreed to sell to the latter certain real estate, to be conveyed at a future day, and the defendant agreed to pay $2000 therefor, hy assuming incumbrances then existing upon the premises to the amount of about $1100, paying $100 in cash, and by executing notes or a mortgage, at the option of the plaintiff, for the balance, at the time of the execution and delivery of the deed. The plaintiff subsequently executed and delivered the deed, and elected to take a mortgage on the premises, for the balance of the purchase money. The defendant executed and delivered the mortgage, paid the $100, and entered into possession. In an action by the plaintiff to recover the balance remaining due upon the contract; Held, that the acceptance of the mortgage executed by the defendant must be deemed to have been in satisfaction of the contract, which was thenceforth at an end ; that a failure by the defendant to make the payments, according to the terms of the mortgage was no breach of the contract, for which an action would lie; hut that the plaintiff’s remedy was upon the mortgage.The contract, which was in its nature executory, has been fully performed by both parties, and ' neither can maintain an action upon it, against the other. The plaintiff was not bound to' convey until the first payment was made. When that was made and he had conveyed, his obligation under the contract was performed.
When the defendant was called upon to perform on his part as to the residue,, it was at the plaintiff’s election whether he would have the remaining payments secured by notes or by mortgage. He elected to take the latter, and when this was executed by the defendant and delivered to and accepted by the plaintiff, the defendant had done every thing which the contract contemplated. The acceptance of the mortgage must be deemed to have been in satisfaction of the contract. (Bull v. Willard, 9 Barb. 641 . Houghtaling v. Lewis, 10 John. 297 . Howes v. Barker, 3 id. 506.) There are no collateral covenants. The plain intention of this part of the contract was, to fix the amount to be paid, and to provide in what manner the
[Monroe General Term,
December 3, 1855.
Welles, Selden and Johnson, Justices.]
Cases cited
- Bull v. Willard 9 Barb. 641 p. 180