65 Mo. 315 | Mo. | 1877
Melton, as the assignee of James Atkisson, brings this suit for specific performance of a contract respecting certain real estate in the city of Sedalia. Suit brought in August, 1866.
Smith and Bouldin, in 1860, owned the town site of Sedalia, then recently laid out; the former an undivided three-fourths, and the latter an undivided one-fourth interest. The contract made the basis of this, proceeding, was entered into November 18, 1860, and shows that Atkissoh and McKernan purchased of Smith and Bouldin certain lots, at the price of $600, payable in six months, and for which the note of the purchasers was given. Atkisson and McKernan, immediately on their purchase, proceeded to erect on one of the. lots so purchased, (lot 2,) being the lot in controversy, a warehouse, worth some $1,800, and did business therein until, as hereinafter stated. In May, 1861, Atkisson purchased McKernan’s interest in the lots, on which, preparatory to the erection of other buildings, large quantities of lumber had been delivered, aggregating in value, together with the improvements
I. We entertain no doubt whatever as to the equitable interest of Atkisson being transferable. Our statute (2 W. S., p. 999 § 2,)‘Ptl'fcs tllis matter at rest, So repeated decisions of this court. (Smith v. Kennett, 18 Mo. 154, and Cas. Cit.; Lumley v. Robinson, 26 Mo. 364; Adams v. Cowherd, 30 Mo. 458; Morgan v. Bouse, 53 Mo. 219; Street v. Goss, 62 Mo. 229.) Atkisson became,by his purchase, the equitable owner of the land; competent to devise or transfer it as such owner; and this independent of the statute referred to. (1 Sto. Eq. Jur., §§ 788, 790.)
III. In addition to the foregoing observations, it may be remarked that the very doctrine of specific performance had its origin, for the most part, in the fact that parties frequently did not strictly, in point of time, comply with their contracts; and that courts of equity do not usually regard time as an essential ingredient therein, nor is time so treated, unless the parties have themselves done so, or it thus necessarily results from the nature and circumstances of the contract. (Sto. Eq. Jur., § 776.) And even where time is of the essence of the contract, it may be waived. (Ibid.) This we regard as having been done in the present instance. The waiver on the part of the defendant was made conspicuously manifest by his letter to Atkisson, of date Nov. 24, 1860, showing that he regarded the condition “ a mere form,” and that
IV. It may well admit of doubt whether Smith is in a condition to insist that Atkisson has been in default; for as the title to the lots was in both Smith and Bouldin, and as the latter never returned from the South until just before suit brought, even if Atkisson could with safety have returned, it would not have been in Smith’s power, upon tender of the purchase money, to have executed a deed. So that it would scarcely seem that Smith occupies such an attitude as would enable bim to impute laches to Atkisson, because if the latter, not surrounded by adverse circumstances, had been prompt in tendering the purchase money, the vendor would have been in no plight to avail himself of such promptitude. And if Smith had brought suit for specific performance, he could not have achieved success, not being in a situation to have conveyed a complete title, the only one he could have compelled his vendee to accept. (Ery Spe. Perf., pp. 202, 329, 334 and cases cited.) Granting, then, for argument’s sake, that Atkisson has been guilty of delay, unexplained by equitable circumstances, we hardly think Smith in a condition to profit thereby.
V. Conceding that the pleadings are in such shape as to admit ’discussion as to the rescission of the contract, whose enforcement is here resisted, still the attitude of Smith cannot be any more favor
But this is not all. Smith was in no condition to exercise the right of rescission, even had he elected promptly so to do, and, for the obvious reason aforesaid, that holding only an undivided three-fourths in the property contracted to be conveyed, it was out of his power to have restored Atkisson to his statu quo, an absolute condition precedent to the exercise of the right of rescission, whether exercised with or without the intervention of the courts. (Lockwood v. Railroad Co., 65 Mo.) And, most certainly, Smith could not by some mere hidden mental process, unconnected with overt act or outward manifestation, rescind the contract in question. (Henry v. Graddy, 5 B. Mon. 452; Walters v. Miller, 10 Iowa 429.)
VI. Again, this reason also occurs, and it appears of itself decisive of the case at bar. Melton’s purchase of of Atkisson’s interest would seem to have been brought about by the representations of Smith to Allen and Melton in the fall of 1865, respecting Atkisson’s interest in the property purchased, on the faith whereof, and also of Smith’s acts aforesaid, plaintiff made his purchase as disclosed by the evidence. This assuredly estops Smith
Areirmed.