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Bean v. Walker
Supreme Court of New York, Appellate Division
95 A.D.2d 70 (N.Y. App. Div. 1983)
In January 1973, Carl Walker (defendant) entered into a contract with Franklin Bean (plaintiff) for the sale of a home. The contract called for a purchase price of $15,000 at 5 percent interest, to be paid over 15 years. Under the agreement, Bean would retain legal title to the house and would transfer title to Walker when the purchase price was paid. Walker took possession of the house and was responsible for all taxes, assessments, water rates, and insurance. The contract also provided that if Walker were to fail to make a required payment, Bean was entitled to repossess the property. In such a case, Walker would forfeit all money previously paid to Bean, to be characterized as rent. Walker occupied the house and made substantial improvements to it between January 1973 and August 1981. By August 1981, Walker had paid to Bean a total of $12,099.24, of which $7,114.75 was principal. In August 1981, Walker defaulted on his payment obligations. Bean brought suit seeking to enforce the contract’s terms. The trial court agreed to enforce the contract as written and granted summary judgment to Bean. Walker appealed.
Rule of Law
Holding and Reasoning (Doerr, J.)
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