United States Court of Appeals for the Seventh Circuit
988 F.2d 38 (1993)
Joseph Askren (plaintiff) agreed to sell his Indianapolis property for $250,000 to Cardinal Industries (Cardinal), a hotel chain. Under the terms of their agreement, Cardinal paid half of the purchase price to Askren at the closing. Cardinal then gave Askren a promissory note for the remainder. The promissory note was to be paid in later installments, with interest. However, Cardinal failed to make the installment payments. Askren then sued Cardinal’s lender, Third Savings and Loan Company (Third) (defendant), to foreclose Askren’s implied vendor’s lien on the property. Askren argued that his vendor’s lien was implied by law the moment he sold the property to Cardinal without receiving payment in full. The district court granted summary judgment in favor of Third, ruling that Askren had waived his vendor’s lien. Askren appealed.
Rule of Law
Holding and Reasoning (Posner, J.)
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