Jones National Bank v. Price

55 N.W. 1045, 37 Neb. 291
CourtNebraska Supreme Court
DecidedJune 29, 1893
DocketNo. 4956
StatusPublished

This text of 55 N.W. 1045 (Jones National Bank v. Price) 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
Jones National Bank v. Price, 55 N.W. 1045, 37 Neb. 291 (Neb. 1893).

Opinion

Ragan, C.

Allen and Louisa Price sued the Jones National Bank, ■ H. T. Jones, its cashier, and M. A. Butler in the district-court of Seward county, and in their petition alleged: That on the 18th day of September, 1886, the plaintiffs were the owners of certain real estate in the city of Seward, Nebraska, and occupied the premises as a residence; that they were at that time incumbered by a mortgage given by the plaintiffs to the defendant Butler to secure the payment of $2,000, with interest at the rate of ten per cent from September 23, 1885, and due six months afterwards; that although the note and mortgage were made payable to Butler, they were in fact given to secure the payment of money borrowed of or through the defendant, the Jones National Bank; that the plaintiffs had paid the defendants interest [292]*292on the loan at the rate of fifteen per cent; that the defendants had represented to plaintiffs that the money due on the note and mortgage was due to the Jones National Bank, and that plaintiffs should have additional time for the payment of said note and ■ mortgage, provided the interest thereon was promptly and fully paid; that on the 23d of September, 1886, Butler assigned the note and mortgage to one Samuel Grey, and on the 18th day of September, 1886, .a petition was filed in the name of said Grey in the United ■States circuit court in the city of Omaha, Nebraska, against the plaintiffs for the purpose of obtaining a judgment against plaintiffs on said note and mortgage and a decree of foreclosure and sale of said mortgaged premises; that at that time interest on said mortgage had been fully paid; that subsequent to the filing of the said petition in the United States court the defendant Jones made a verbal agreement with the plaintiffs that if they would acknowledge service of summons and waive their right to a stay of order of sale in the proceedings in the federal court that the plaintiffs should be held exempt from the payment of any fees whatsoever, for the service of said summons; that no attorney’s fees should be taxed against said plaintiffs or paid out of the proceeds of the sale of the aforesaid property under said foreclosure .suit; and that he, Jones, would buy in said premises at the .sale thereof, for the actual amount necessary to satisfy the .amounts due on said note and mortgage and necessary cost's of suit in said court, and that he, the said defendant Jones,would then sell said premises at private sale and pay the .plaintiffs the excess of the proceeds received at such private sale over and above the amount of decree, interest, and costs that might be rendered in said suit in said federal court; that in pursuance of this agreement, plaintiffs acknowledged service of summons and entered their voluntary appearance in said suit in the federal court and agreed with the de- ; fendant Jones to waive their stay of the order of sale in . said case; that on' the 5th day of November, 1886, a de[293]*293cree was rendered in the federal court in said case for the sum of $2,050 and costs of suit, with a decree of foreclosure and order of sale; that the plaintiffs, in pursuance of their agreement with Jones, waived their stay of the order of sale, and on the 15th day of January, 1887, said premises were duly sold under the decree of the said federal court, and bid in by the said defendant Jones at the sum of $2,391.31, and by officers of said court said premises were duly conveyed to the said defendant Jones; that out of the purchase price of said real estate said Jones paid! out an attorney’s fee of $205, taxed as part of the costs in said suit; that on the 4th day of May, 1887, Jones sold and conveyed the said premises to another party and received for said premises the sum of $2,700 in cash; that the rental value of the premises at the time plaintiffs waived their stay of order of sale under said decree, was' $20 per month, and that at the time of the bringing of the suit in the federal court, the said defendant, the Jones National Bank, and H. T. Jones were the true owners of the note and mortgage foreclosed in the name of said Grey, and that the assignment to said Grey was then intended to' place the same under the jurisdiction of the federal court,' and with intent to defraud the plaintiffs; and that the agreement made between the plaintiffs and the said Jones' was not made in good faith on the part of defendants, but' with intent to mislead and defraud the plaintiffs out of their right to the possession and use of said premises pending the stay of the order of sale; that there was due to the plaintiffs from the defendants the sum of $513.69 and interest thereon from the 4th day of May, 1887. This sum, the plaintiffs alleged, was composed of the $205 at-1 torney’s fees, paid by Jones out of the proceeds of the sale of said land, contrary to his agreement with plaintiffs, and the further sum of $308.69, the difference between the proceeds of the sale received by Jones, and the amount of the decree, interest and costs, including the attorney’s fee in [294]*294the case in the federal court. The prayer was for judgment against the defendants for $513.69 and seven per cent interest from the 4th day of May, 1887, and costs of suit.

The verdict and judgment were for the plaintiffs, and the defendants bring the case here for review.

The first error assigned is that the petition does not state a cause of action; and this error is predicated on the theory that the contract alleged in the petition is void under the statute of frauds.

Section 3, chapter 32, Compiled Statutes, provides: “ No, estate or interest in land, other than leases for a term not exceeding one year, nor any trust or power over or concerning lands, or in any manner relating thereto, shall hereafter be created, granted, assigned, or surrendered or declared, unless by act or operation of law, or by a deed or conveyance in writing subscribed by the party creating, granting, assigning, surrendering or declaring the same.”, The question then is whether the contract set out in the petition is within this statute.

In Byers v. Locke, 93 Cal., 493, it is said, an agreement that the defendant should provide the necessary money, to redeem the property of the. plain tiff which had been, sold under a foreclosure, and that for the purpose of enabling defendant to do so, plaintiff would convey the premises to the defendant, to be held by him until such time as, they might be sold, is not an agreement for the sale of land or any interest therein.

In Miller v. Kendig, 65 Ia., 174, it is said: “A parol agreement by the grantee of land that in case he sells the land for more than the price paid, one-half the excess shall be paid to the grantor, does not create an interest in real estate, and is not within the statute of frauds.”

In Hess v. Fox, 10 Wend. [N. Y.], 437, it is said: “An agreement by a mortgagee to sell mortgaged premises, the equity of redemption in which is released by the mortgagor, and after deducting the amount due to himself to [295]*295pay the surplus of such sale to the mortgagor, is not void as within the statute of frauds, and after sale of the premises for more than enough to satisfy the debt due to the mortgagee, the mortgagor may maintain assumpsit for the surplus.”

In Price v. Sturgis, 44 Cal., 591, it is said: “A verbal agreement made by grantee when he buys land and receives a deed therefor, to pay the grantor a.further sum of money as a part of the price, out of the proceeds of .the sale of the land when he sells it, is valid, and the statute of frauds does not require it to be in writing.

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Related

Price v. Sturgis
44 Cal. 591 (California Supreme Court, 1872)
Byers v. Locke
29 P. 119 (California Supreme Court, 1892)
McOuat v. Cathcart
84 Ind. 567 (Indiana Supreme Court, 1882)
McDonald & Co. v. Moore
21 N.W. 504 (Supreme Court of Iowa, 1884)

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Bluebook (online)
55 N.W. 1045, 37 Neb. 291, Counsel Stack Legal Research, https://law.counselstack.com/opinion/jones-national-bank-v-price-neb-1893.