9 Ga. App. 656 | Ga. Ct. App. | 1911
Duvall sued Buck and Downing for breach of the covenant contained in a bond for title. His petition shows, that on June 25, 1903, he purchased from Buck and Downing certain real estate, for which he agreed to pay them $705 on terms of $5 cash, $175 on July 12, $Í75 on August 12, and $350 on December 12- thereafter, Buck and Downing executing to him their bond for title, conditioned to make him title upon payment to them of the full purchase price; that he paid to them the $5 and the two notes for $175 each, making a total payment of $355, but failed to pay the note for $350 due on December 12, 1903; that on July 1, 1908, Buck and Downing resold the land.to other persons, for $1,250; and that Buck and Downing have never rescinded by paying hack any of the $355 paid them, or by returning or offering to return the unpaid note. He alleges that Buck and Downing are liable to him in the sum of $1,026, this amount being the difference between 'tbe price at which they resold the property in. 1908 and the balance which he failed to pay them, with interest. Buck and Downing demurred to this petition on several grounds, and the case is before this court on exception to the overruling of the demurrer.
“The execution and delivery of the bond for title creates a special form of trust estate. The equitable title, charged with the payment of the purchase-money, passes to the vendee, and the vendor holds the legal title charged with the use that, while it may be
The point is made that the action was barred-by the statute of limitations. We think that the plaintiff’s cause of action arose on the day of the resale; and as the statutory period, counting from that time, had not expired, this point is not well taken.
Judgment affirmed.