Supreme Court of New Mexico
120 P.2d 611 (N.M. 1941)
In order to buy a piece of land and build on it, Price (plaintiff) agreed to a financing plan with Van Lint (defendant) in late December 1939. Van Lint promised to loan Price $1,500 on the first day of February 1940 in exchange for a mortgage deed to the land. To obtain the mortgage deed, Price had to communicate by ship with the owner of the land who lived in Holland. Van Lint advanced $134 to Price for the purchase of the land, and the remainder of the loan was to be used for the building when it was disbursed. Van Lint contacted building material companies and had them furnish materials so Price could start construction. On February 1, Price did not yet have the mortgage title to give to Van Lint due to the long time it took to correspond with the owner in Holland. As a result, Van Lint refused to loan Price the money. Price brought suit. The trial court ruled in favor of Price, holding that the promises to loan the money and provide the mortgage were independent. Van Lint appealed.
Rule of Law
Holding and Reasoning (Sadler, J.)
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