It seems to be conceded, at least not questioned, that Matilda Butler, the widow of the testator, took a life estate in the land under the will of her husband, and the complainants took a remainder.
Butler, the testator, purchased the laud, by paying
From .the foregoing statement, of ■ facts it will he observed that, nearíy. fifteen years elapsed between the death of the life, tenant,an.d the filing of the bill, and nearly nineteen years since the execution of the deeds by the vendors to Matilda Butler and by her to Love. These, .conveyances were recorded, respectively, April 21st, 1881, and April 23d, 1881.
The-theory of the hill is that the vendors by reserving, the legal title to the land as a security for the payment of the purchase money, were trustees for the testator and that after his death, they became trustees for the complainants as remaindermen under his will. That by the acceptance of the deed from them Matilda Butler acquired, the legal title to the land subject to the trust and, became a trustee,, and that Love also became a trustee by acquiring the legal title from her, it being averred that he had. full knowledge of the facts, The
In Bankhead v. Owen, 60 Ala. 467, it is said: “There, can be no just and proper distinction drawn between a mortgage to secure the payment of the purchase money, executed contemporaneously with the conveyance of the land, and a reservation of the legal estate, as a security for its payment.”
In Conner v. Banks, 18 Ala. 44, this principiéis stated in this language: “It is a well settled rule, that- the vendor of real estate, who has not executed a deed to the purchaser, holds the legal title as a security for the payment of the purchase money; and if he has executed a bond to make titles when the purchase money is paid, the contract in a court of equity will 'be-considered in the nature of a. conveyance to tlie purchaser and a re-conveyance back, by way of mortgage.”
To the same effect is Haley v. Bennett, 5 Port. 452; Chapman v. Chunn, 5 Ala. 397; Kelly v. Payne, 18 Ala. 371; Lowery v. Peterson, 75 Ala. 109.
It is clear from the principles announced in the cases cited above, that the reservation of the legal estate by tlie vendor, as a security for his debt,- is in equity nothing more than an equitable mortgage. The vendee is the owner of the land, and on his death, it descends to»his heirs or to those to whom he may have devised it by will. The vendor is the owner of the purchase money and this claim on his death passes to his executor or administrator. — 3 Pom. Eq. 1261. The vendor is in a sense the trustee for the vendee as is the vendee a trustee for the vendor. But the relation of trustee and cestui que trust is of the same nature and character as that which exists between mortgagor and mortgagee. After the law day of the mortgage, ’ the mortgagee is clothed with the legal title, with an immediate right to the possession. So in the case of vendor and purchaser, under a contract such as is disclosed in this case, the vendor has
The bill shows that all of the complainants except William S. Butler were minors at the date of the death of the testator, which occurred at least twenty years before it was filed, -and, it may be, twenty-one years before its filing, and all of them were adults at the date -of its filing. It muy be that it -cannot be affirmed that all the minors had passed the age of twenty-four years at the date of the filing of the bill, but .as they are joined as complainants with William S. Butler
The decree overruling the demurrer invoking the statute of limitations of ten years will be reversed, and a decree1, will be here rendered sustaining it.
Reversed and rendered.