Lloyd v. Locke-Paddon Land Co.
California Court of Appeal
5 Cal. App. 2d 211 (1935)
Locke-Paddon Land Company (Locke-Paddon) (defendant) owned a plot of real property. Locke-Paddon granted a mortgage on the property to People’s Savings Bank (bank) in exchange for a promissory note. Locke-Paddon then sold the property to Richard Lloyd (plaintiff) on an installment contract. Under the contract, Lock-Paddon agreed to convey the property, free of all encumbrances, to Lloyd once Lloyd paid the full purchase price. Pursuant to the contract, Lloyd made monthly installment payments for several years. After Lloyd had paid off all but approximately $500 of the purchase price, Locke-Paddon defaulted on its promissory note to the bank. The bank initiated a foreclosure action and purchased the property at the foreclosure sale. After the foreclosure sale but before Locke-Paddon’s right of redemption under the mortgage had expired, Lloyd ceased payments to Locke-Paddon under the installment contract. Lloyd then negotiated with the bank to receive title to the property for an additional $875 payment. Lloyd sued Locke-Paddon for breach of contract, seeking the amounts he had paid to Locke-Paddon before the bank foreclosed on the property. The jury awarded the requested damages, and Locke-Paddon appealed.
Rule of Law
Holding and Reasoning (Spence, J.)
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