160 Ga. 93 | Ga. | 1925
(After stating the foregoing facts.)
A correct decision of the case turns upon the proper construction of the contract entered into between the parties in this case. Reaching a correct conclusion as to the meaning of the contract within the contemplation of the parties thereto is not without difficulty. The question presented for decision is, were the deeds executed to Mr. Candler to the land in controversy though absolute upon their face, a mere security for a loan ? Under the facts of this case wo are of the opinion that the court below properly held, in effect, that the transaction involved between the parties was a loan, and that the plaintiff, Candler, held legal title to the land as security for the money paid by him for the purchase of the land, to wit, the sum of $33,000, together with $11,927.33 interest, declaring a special lien on the land, and that upon the payment of the same-to the plaintiffs, Messrs. Candler and Turner, they should have no further interest or title therein. The deeds held by Mr.
But it is insisted that the language of the contract prescribing a time limit within which defendants could pay the debt and redeem the property, even if the deeds were to be construed as security deeds, operated as a forfeiture of defendants’ rights after the expiration of the time limit, to wit, January 1, 1921. Eorfei
Judgment affirmed.