50 A.D.2d 664 | N.Y. App. Div. | 1975
— Appeal from an order of the Supreme Court at Special Term, entered June 28, 1974 in Schoharie County, which denied plaintiff’s motion for summary judgment. In 1960, the decedent, Ralph B. Southard, in poor health and in need of funds, turned to defendants for help. They agreed to purchase his property and the premises were conveyed to them. The oral contract of sale called for a purchase price of $30,000, $13,520.08 of which was to be paid upon resale of the parcel by defendants and the remaining $16,479.92 of which consisted of outstanding mortgages assumed by the defendants. It was further agreed that defendants would not have to pay Southard any interest on the unpaid balance of the purchase price. In 1973, defendants sold the parcel for $32,500 and tendered to plaintiff the sum of $11,670.08, arrived at by deducting from the unpaid balance of $13,520.08 a total of $1,850 which had been withheld by Ralph B. Southard from the rents collected for defendants. This tender was rejected by plaintiff who claims that defendants owe $13,520.08 plus interest from December 1, 1963, which is when Ralph B. Southard allegedly stopped withholding $50 per
Since, as hereinafter appears, plaintiff now concedes that the unpaid principal balance was reduced by the monthly payments, it would appear that the amount on which interest would be computed, if plaintiff is entitled thereto, should be accordingly reduced.