Ballou v. Sherwood

49 N.W. 790, 32 Neb. 666, 1891 Neb. LEXIS 340
CourtNebraska Supreme Court
DecidedSeptember 15, 1891
StatusPublished
Cited by44 cases

This text of 49 N.W. 790 (Ballou v. Sherwood) is published on Counsel Stack Legal Research, covering Nebraska Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Ballou v. Sherwood, 49 N.W. 790, 32 Neb. 666, 1891 Neb. LEXIS 340 (Neb. 1891).

Opinion

Cobb, Ch. J.

The plaintiffs and appellants filed their amended and supplemental petition in the court below, alleging that on December 10, 1887, the defendant was the owner in fee of lot 4, and the west one-third of lot 3, in block 77, in the city of Omaha; that on said date, and prior thereto, the plaintiffs were the owners in fee of lot 2, in block 174, and the east half of lots 5 and 6, in block 80, in the city of Omaha; also twenty acres of land adjoining Cote Brilliante, an addition to the city of Omaha, and described as follows: Beginning at the southwest corner of section 29, township 16, range 13 east, thence east 32 rods, thence north 66-| rods, thence east 48 rods, thence north 13J rods, thence west 80 rods, thence south 80 rods to the place of beginning, being part of the southwest quarter of the southwest quarter of section 29, township 16 north, range 13 east, of the 6th P. M.; that the premises last described was well known to the defendant when the contract was entered into as hereinafter stated, and he knew exactly the property designated in the agreement as such twenty acres, and as being the only property owned by plaintiffs at that place; also the north half of block 1, in Ambler Place, an addition within the city limits of Omaha, and lot 14, in block 5, and lot 11 in block 2, in Boggs and Hill’s second addition to the city of Omaha, described in the contract as Boggs and Hill’s addition,” the word second ” being left out by mistake, but is the property contemplated and bargained for by defendant.

The plaintiffs were also the owners of stock in the Midland Guarantee and Trust Company, a corporation organized under the laws of this state; that on December 10, 1887, said parties entered into a contract in writing whereby it was agreed that the defendant should sell and convey to the plaintiffs the property described as belonging to him in consideration of $25,000 in cash,'-and $3,100 stock in the Midland Guarantee and Trust Company, and take the [672]*672other property described as plaintiffs’ as the balance of the consideration for defendant’s property agreed to be sold and exchanged, the consideration for which, described in said written contract, was $115,000. The amount to be paid by defendant for lot 2 in block 174 was $40,000, from which was to be deducted $14,500, the amount of a mortgage incumbrance assumed by defendant, the equity of the plaintiffs therein being valued by the parties at $25,000; the amount paid by defendant for the east half of lots 5 and 6, in block 80, was $20,000, upon which there was a mortgage of $5,600, assumed by defendant, the equity of the plaintiffs being valued at $14,400 and agreed upon between the parties. The twenty acres described was taken at the agreed value of $12,000; the north half of block 1, in Ambler Place, at the agreed value of $20,000; the lots in Boggs and Hill’s second addition at $17,100, upon which there was a mortgage qf $2,100, the equity of the plaintiffs being valued at $15,000. All the property was taken by the defendant from plaintiffs subject to the incumbrances as aforesaid, the equities of the plaintiffs therein being calculated to make the sum of $115,000. All of which agreement, bargain, and contract were entered into, in writing between the parties thereto on December 10 1887, copies of which are attached marked A and B; that on said date there was paid on said contract $2,000, a reasonable time being agreed upon between the parties to execute deeds, and complete the exchange and purchase.

The plaintiffs proceeded immediately to perfect said contract and executed warranty deeds of conveyance, excepting the incumbrances assumed by defendant and subject to which the property was taken; that on the same day the contract, after being signed, was changed in this respect: The defendant had been negotiating for a loan upon his property described of $25,000, and being notified that the money was ready, it was agreed that the defendant might make the loan, to be assumed by the plaintiffs, who would [673]*673take the property subject to the amount of the loan in lieu of the payment of that amount in cash; the defendant thereupon executed a mortgage for $25,000 in favor of John D. Creighton, which was assumed by these plaintiffs. They further allege that they perfected all title to said property, and tendered deeds of conveyance therefor before the commencement of this suit, and are ready and willing to deliver the same, and have them in court for that purpose. They further allege that they tendered the stock aforesaid to the amount of $3,100, being at the rate of fifty per cent of the par value of said stock, the same being $6,200, which they are now ready and willing to deliver to the defendant upon his performing his part of the agreement hereinbefore set forth. They further allege that some question having arisen as to the title of the north half of block 1, Ambler Place, they proceeded at once to secure certain deeds perfecting said title beyond question, though such deeds were not necessary to make such title good. They were secured after the commencement of this suit, to-wit, deeds from Catharine Beard and her husband, James Beard; Harry A. Beard and wife; Minnie E. O’Neill, née Beard, and her husband; Penelope Campbell, née Ambler, and her husband; all of which deeds conveying the interests of the grantors in said north half of block 1, Ambler Place, Douglas county, Nebraska, running to a grantor by warranty deed to the plaintiffs from the parties, and all being now of record, making the title in the plaintiffs good beyond question. Before and since the commencement of this suit, the plaintiffs have requested the defendant to convey the premises to them, by him contracted, and sold, and exchanged to them as described, according to the terms of said agreement, but the defendant has at all times refused, and still refuses, to execute and deliver such conveyance, and to transfer the property to these plaintiffs; and they allege that they have performed all the conditions of said agreement on their part.

[674]*674The plaintiffs pray that the defendant be required to receive the consideration so tendered, and to execute and deliver to plaintiffs a deed of conveyance of said premises, with covenants of general warranty, except as to said mortgage of $25,000, assumed by plaintiffs, and for special relief reforming the contract in regard' to the mistake in omitting the word “second ” before the word “addition,” in the Boggs & Hill addition property described, as such was the intention of the parties, the mistake being mutual.

“Exhibit A.
“ Omaha, Nebraska, December 10, 1887.'
“Memorandum of exchange of real estate and personal property, between E. H. Sherwood and O. H. Ballou, and E. G. Ballou.
E. H. Sherwood’s barn and lot, Seventeenth and Davenport.............................. .....................$115,000
Ballou’s lot 2 in 174............ $40,000
Less................................ 14,500
--$25,500
East half lots 5 and 6, B. 80, Omaha.......................... $20,000
Less................................ 5,600
--14,400
Twenty acres adjoining Cote Brilliante, Douglas county, 12,000
North half block 1, Ambler Place............................. 20,000
Lots 14 B.

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Bluebook (online)
49 N.W. 790, 32 Neb. 666, 1891 Neb. LEXIS 340, Counsel Stack Legal Research, https://law.counselstack.com/opinion/ballou-v-sherwood-neb-1891.