13 Ohio St. 306 | Ohio | 1862
The case presents two questions:
1. Was Hidy, the vendor, under the circumstances of the case, on the expiration of the seven years’ term of credit given, entitled to rescind the contract, and resume possession of the land ? And if not—
2. Are the plaintiffs entitled to a specific performance, by him, without first tendering or bringing into court the amount due Hidy for the purchase money of the land ?
The plaintiffs, by the levying of their attachments, became entitled to all the rights and subject to all the obligations of Martin L. Carr; and he, by his purchase from Solomon Carr, the original vendee, stood in his shoes; and the questions, therefore, are the same as if Solomon Carr were here, seeking a specific performance against his vendor, Hidy, who had resumed possession of the premises, and had attempted to rescind the contract as against him.
Ordinarily, time is not regarded in equity as being of the essence of a contract, and is so regarded only when it is expressly made so by the terms of the contract, or the parties have so treated it, or is necessarily so from the nature of the contract. 2 Story’s Eq., sec. 776. No circumstance appears, in the present case, to take it out of the general rule. It seems to us that there was a clear equity, on the expiration of the seven years’ credit, in favor of Solomon Carr, or his vendees. By the lapse of time, and the improvements he had made, the value of the land had been increased many fold. A rescission of the contract would not leave the parties in statu quo, and equity forbids it.
The second question is : Are the plaintiffs entitled to a sale of the land, the payment of the purchase money, interest and taxes paid by Hidy, out of the proceeds of sale, and the ap-
A decree may be entered, ordering that the cause be remanded to the court of common please, to take an account of the amount due to the defendant, Hidy, for purchase money, annual interest, and taxes paid by him, with interest thereon, deducting therefrom the net rents, issues and profits of the premises during the time he has had possession of the same; that the premises be appraised, advertised and sold, as upon execution at law; that out of the proceeds of such sale, Hidy be paid the amount due to him, and that the balance, after the payment of the costs herein, be appropriated to the payment of the judgments of the attaching creditoa-s: provided that, unless the same shall, within six months from the