128 Iowa 551 | Iowa | 1905
Rulings on objections to questions propounded to different witnesses, and also the taxation of costs, are assigned as errors, but not argued, and for this reason not decided. The proof, independent of such evidence, however, was sufficient to show that deceased, who was 79 years of age, was occupying the premises as her home; and as she, with her dependent son, constituted a family, the court rightly decided that the property was exempt as a homestead.
Intervener insists that the agreement effected an equitable conversion, as a result of which the purchaser became the owner of the land, and Mrs, Scott merely held title in trust to secure payment of the purchase price, and this passed to her legal representative as personal property. Had the contract effected a sale of the land, this would have been true. Miller’s Adm’r v. Miller, 25 N. J. Eq. 354; Williams v. Haddock, 145 N. Y. 144 (39 N. E. Rep. 825); Bender v. Luckenbach, 162 Pa. 18 (29 Atl. Rep. 295, 296); Donohoo v. Lea, 55 Am. Dec. 725. In such a case equity considers the vendor, as to the land, a trustee for the .purchaser, and the vendee, as to the money, a trustee for the seller. In other words, the vendee is the equitable owner, and the vendor merely retains title as security for the price, and his interest in the land is not subject to levy or writ of execution or attachment. Baldwin v. Thompson, 15 Iowa, 504; Woodward v. Dean, 46 Iowa, 499; Rand v. Garner, 75 Iowa, 311. See cases collected in note to Bowen v. Lansing, 57 L. R. A. 643. But this agreement was purely executory in character, and in no way bound the intervener to complete the purchase. Upon payment of the balance stipulated, she must execute a conveyance; but the only result of his failure to do so was the forfeiture of the amount paid. Specific performance might not have been enforced against him. Clearly, then,' the contract did not vest in him any interest in the land. It merely specified how he might acquire it. Richardson v. Hardwick, 106 U. S. 252 (1 Sup. Ct. 213, 27 L. Ed. 145); Stembridge v. Stembridge’s Adm’r, 87 Ky. 91 (7 S. W. Rep. 611); Bostwick v. Frankfield, 74 N. Y. 207; Sweezy v. Jones, 65 Iowa, 272.
But, if regarded as something more than a mere option, it was but an agreement to sell in the future, and not a present sale. The distinction between these two classes of contracts was pointed out in Nunngesser v. Hart, 122 Iowa,
Nor is there anything in the record tending to show an acceptance prior to the time it was returned to De Camp,
It may be that for sopae purposes an equitable conversion, affected by an election to exercise an option to buy, will relate back to the date of the contract, though as to that the authorities are in conflict; but it cannot operate to- dissolve an attachment levied on land prior to such election, and while the grantor retains the ownership-. See note to Bowen v. Lansing, 57 L. R. A. 651. We conclude that the interest of defendant in the land was subject to the levy.— Affirmed.