Ragsdale v. Meridian Land & Industrial Co.

71 Miss. 284
Mississippi Supreme Court·Decided October 15, 1893·Published·Cited by 3 cases

Opinion

Alexander, Special J.,

delivered the opinion of the court.

It is assigned for error that the decree allowed complain[294] ant, the Meridian Land & Industrial Company, a credit of $4,650 on its purchase-notes, because of a deficiency in quantity of a certain tract of land, estimated to contain three hundred acres. In the schedule accompanying the contract of sale, the land conveyed is described as follows: “ S. E. ¼ of S. W. ¼, section 8, T. 6, R. 16, etc., less what has been sold to the railroad and water-works, and others, being in all net about three hundred acres, more or less.” The deed executed in pursuance of the contract describes the excepted part as follows : “ Except what has been heretofore sold to railroads, to the Meridian water-works and to other parties, leaving remaining a tract of three hundred acres, thereabouts.”

The contract contains a provision for the adjustment of eontrovei’sies such as this, which is as follows:

“It is hereby agreed by and between the parties hereto that the list of real estate prepared by the party of the first part and furnished by him to the parties of the second part-is made, and shall be taken to be, the basis on which the contract rests, and said list is to be verified, at the expense of the parties of the second part, by reference to and examination of the deeds of record and other official sources of information touching titles of land in said county. It is further agreed by and between the parties hereto that if, in the verification of the list of realty to which warranty deeds are to be made as hereinbefore provided for, any errors shall be found in said list as to title,'amount of land or description or situation of land, the same shall be corrected in conformity to, and in accordance with, the official records of deeds and other official sources of information as to titles of realty; and, where such errors shall be found to exist in said list, then arbitrators shall be chosen in the usual way, one or more by each of the parties hereto, with umpire mutually selected by such arbitrators, if necessary, and these persons shall fix and determine the money values of such errors, in accordance with the price agreed upon by the parties hereto in paper hereto attached marked ‘ Schedule B,’ and the money [295] value of such errors, so fixed and determined, shall be deducted from the purchase-money hereafter agreed to be paid by the parties of the second part to the party of the first part.”

After the execution of the deed, it was ascertained that the quantity of land embraced in the several deeds executed by the elder Ragsdale aggregated about sixty acres, instead of twenty acres, as the parties at the time supposed. Thus, by the terms of the contract, complainant became entitled to a credit because of a shortage of about forty acres. The amount of the credit to be allowed depends upon a construction of the above-quoted clause of the contract. The price of the entire tract, supposed to contain three hundred acres, belonging to Ragsdale, is shown by the schedule “B” to have been $45,000, and, while there is no proof that the land was sold by the acre, it will be seen that the price paid was at the rate of $75 per acre for the half-interest conveyed by Ragsdale to complainant; but, in its bill, complainant claims a credit on the basis of $150 per acre, contending that the parcels which had been sold off were from portions of the tract worth twice as much as the average value of the whole, and this credit was allowed by the court below. No testimony, however, was taken as to the actual or relative value of the specific parcels of land which had been sold. 'The evidence as to this is general, and to the effect that the lands adjacent to the several railroads and the water-works are higher, more accessible and better located for residences than the remaining portions, and that much of the land lying back from the railroads and water-works is flat and marshy, worth not exceeding $25 an acre. The most that can be said of the evidence is that it fairly establishes that a large, perhaps the larger, portion of the land which had been sold off“ lies in the most valuable parts of the tract. It is argued by complainant that the shortage is thus shown to lie in the most valuable land; that the parties, knowing the entire tract contained three hundred and twenty acres, estimated [296] that the previous conveyances did not embrace more than twenty acres, whereas, they conveyed sixty acres, and, therefore, that the situation and value of the shortage must be found in the lands which had been sold. On the other hand, it is contended for appellant, Ragsdale, that the shortage cannot'be assigned to any particular part of the tract; that the previous conveyances, embracing as they did more land than was thought, caused a shortage in what remained; that the deficiency cannot be found in the lands previously deeded, but that these deeds were merely the occasion of a shortage in what was supposed to pass by the conveyance to complainant; that the average value of the tract, as shown by the price paid, must be the basis for measuring the value of this deficiency, and that this is the meaning of the stipulation in the contract that the money value of errors in the amount of land shall be determined in accordance with the prices shown in schedule “ B.”

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Ragsdale v. Meridian Land & Industrial Co., 71 Miss. 284 (Mich. 1893).

71 Miss. 284 (Ragsdale v. Meridian Land & Industrial Co.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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