137 Iowa 692 | Iowa | 1908
Prior to November of the year 1904 plaintiff was the owner of two hundred and seventy-six acres of land in Linn county, Iowa, and of a large amount of live stock and other personal property. There were mortgages upon the land amounting to something like $19,000, and upon the personal property amounting to about $1,600. An attachment had also been levied upon all of defendant’s property in an action brought by his wife for. a divorce. Plaintiff was being pressed upon all sides for the payment of his debts, and his affairs were such as to seem almost hopeless. Defendant was the owner of most of the incumbrances upon plaintiff’s property, and was pressing plaintiff for payment of the amounts secured thereby. On November 9', 1904, defendant sent for plaintiff and induced him (plaintiff) to execute a lease for the farm at the agreed rental of $1,000 per year, which amount was to be used in paying taxes upon the property and interest upon the indebtedness. On November 18th the parties met again with their attorneys, and, after fully canvassing the situation, plaintiff was induced to deed his farm and convey all his personal property to defendant, receiving back a contract for repurchase or of defeasance providing for a reconveyance to plaintiff of the premises, provided the indebtedness due defendant was paid on or before March 1, 1905. For various reasons plaintiff did not pay the indebtedness, but some time later in the year brought this action to have the conveyances to defendant declared to be mortgages, and for a decree giving him the right of redemption. The deed from plaintiff and wife to defendant recites a consideration of “ one dollar and other valuable consideration,” but excepts from the covenant of warranty the mortgages then upon the land, which were held by defendant, the grantee in the deed. The bill of sale contains the following: “ In consideration of R. M. Peet selling and disposing of all personal property hereinafter described, and applying the same upon the indebtedness of Charles II. Ninkead, we hereby bargain, sell, and convey unto R. M. Peet, of Jones county, Iowa, the
The agreement for reconveyance is so important and significant that we hereby copy the same in full:
Whereas' C. H. Kinkead and his wife Ellen Kinkead, have this day conveyed to E. M. Peet of Jones County, Iowa, the following described real estate in Linn County, Iowa, to-wit: All of the S. E. %, and lots 1, 4, 5, 6, 7, and 8 of irregular survey of a part of the N. % of Sec. 11, all in Twp. .84 Eange 6 west of the 5th P. If. more particularly described as follows: Beginning at the N. E. Cor. of Sec. 11, running thence fifty-two rods, thence south one hundred and twenty rods, thence west twenty-eight rods, thence north twelve rods, thence west eighty-eight rods, thence south eighty rods, thence east two hundred and eight rods, and thence north one hundred and twenty rods to beginning, containing two hundred and seventy-six acres more or less. And whereas said conveyance was made to said E. M. Peet to pay and satisfy an indebtedness of O. II. Kinkead to E. M. Peet and to save the cost of foreclosure. Now therefore, the said E. If. Peet agrees with the said C. H. Kinkead to give said Kinkead the exclusive right to sell said premises above stated upon the payment to said Peet of the indebtedness due and to become .due held by the said Peet in case said sale is made before the first day of March, 1905, and the indebtedness of Kinkead to Peet paid and satisfied, then the said Peet is to convey said premises to said Kinkead or whomsoever he may direct. In case no sale of said premises is made by said Kinkead and payment made as above stated- before March 1, 1905, then this contract shall terminate and end and become null and void. Signed this 18th day of November, 1904. E. M. Peet.