74 Iowa 314 | Iowa | 1888
It appears that the owners of a'chattel mortgage on a stock of goods in the city of Des Moines placed the same in the hands of an agent for foreclosure. The agent took possession of the goods, invoiced them, and sold them to defendants at sixty-five j per cent, of the invoice price, or for the aggregate sum of $10,062.51. After defendants had disposed of a large portion of said stock, they sold the remainder to plaintiffs. The agreement of sale was in writing. The following is a copy:
“ Des Moines, Iowa, July 21, 1886.
“Article of agreement in exchange of properties, real and personal, made and entered into this day and date above written, by and between Israel Bros., parties of the first part, and Mrs. Ellen Edwards, per J. W. Jenkins, her agent, and J. B. Salm, parties of the second part, witnesseth, that first parties do hereby sell unto the second parties all the goods left remaining of the Hemphill, Hepburn & Traversy stock, excepting counters and shelving, said goods to be invoiced to second parties at the invoiced price that first parties purchased same for; second parties to take possession of goods as soon as invoiced, for said consideration; second parties to deed first parties lot six, University place, subject to fifteen hundred and fifty dollars, which first parties hereby assume; consideration of said property being four thousand dollars, or twenty-four hundred and fifty dollars for the equity ; also deed to the first parties their choice of lots in Salm’s addition, at four hundred dollars each, excepting lots one, two, twelve and thirteen, which are sold; first parties to take the equity in lot six, University place, in part payment for above-mentioned goods, at twenty-four hundred and fifty dollars, and balance in lots, as above described, in Salm’s addition, at four hundred dollars each, until above-said goods are paid for.
[ Signed] ‘ ‘ Israel Bros.
‘ ‘ Ellen Edwards,
“Per J. W. Jenkins, her agent.
“ J. B. Salm.”
III. Other questions discussed by counsel, in view of the construction we place upon the agreement, • are immaterial, or are not properly raised by the demurrer and assignment of errors.
Reversed.