31 Iowa 524 | Iowa | 1871
On the 7th day of November, 1857, Francis M. Yirden owned the land in controversy, and on that day borrowed of Luther Buck- $100, and to secure its payment, four months after date, conveyed said land to Buck by absolute deed, and took from him a bond to reconvey it upon the payment of the note. The deed was at once recorded, but the bond never was. On December 19, 1857, Yirden sold and conveyed in fee said land to John P. Tittsworth; the deed was duly recorded the same day. March 11, 1858, Buck extended the time for payment of the borrowed money till August 5, 1858; and the old note and bond were destroyed, and new ones to correspond with the extension were executed. In 1859 or I860, Buck conveyed the land to Cynthia B. Landon in payment of a debt he owed her; she having no actual notice of the deed to
Tbe statute of limitations will not bar tbis action. If it was an action by Buck as mortgagee to foreclose bis mortgage, and Yirden, tbe mortgagor, bad pleaded the statute of limitations (Bev., § 2740), then tbe case would have been like Newman v. De Lorimer, 19 Iowa, 244. Or, if Ware, as assignee of tbe bond for title, was seeking to enforce a specific performance of it, then tbe statute might apply. But tbe mortgage has been paid off and tbe bond for title has been surrendered, and tbis is a controversy, substantially as to tbe ownership, between tbe grantee of tbe mortgagor and tbe grantee of the mortgagee, neither having been in. tbe actual possession until a short time
But Ware is not the holder of Mrs. Langdon’s title by purchase from her. He secured his title by arrangement or compromise with Buck, who procured from Mrs. Lang-don a reconveyance of the land from her to-Ware for the purpose of avoiding a controversy about the title; and, in view of the facts, Ware stands in precisely the situation he would stand if Mrs. Langdon had reconveyed to Buck, and Buck to Ware, who had full knowledge of all the facts, and in such case, of course, Ware would only have the title of Buck as mortgagee. But Ware, having paid off the mortgage, with his own money, is entitled to be subrogated to all the rights which Buck had as mortgagee.
It further appears that Jenkins was a purchaser from Ware, without knowledge of the defect in his title; but he has not paid any of the purchase-money, although he has made valuable improvements. It also appears that the plaintiff Miller was a purchaser with full knowledge of all the facts. Under these circumstances Jenkins’ equities are superior to Miller’s and he is entitled to have his purchase affirmed. The result is, that Jenkins must pay the pur
Reversed.