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Russell v. Richards
Supreme Court of New Mexico
702 P.2d 993 (1985)
John and Beth Richards (defendants) sold property under a land installment contract. The contract was assigned to Mary Russell (plaintiff) as assignee-purchaser. The contract provided that if Russell defaulted, she would forfeit her interest in the property. At the time of sale, the value of the property was $48,989. Russell possessed the property for six years and paid $10,782 to the Richardses during that time. Russell rented out a portion of the property for more money than she owed the Richardses each month. Russell defaulted on her payments under the contract. At the time of default, the market value of the property was $82,735. Russell forfeited her interest in the property pursuant to the contract, brought suit, and sought damages in the amount of mortgage payments made on the contract. The trial court found in favor of Russell and awarded damages. The Richardses appealed, arguing the trial court failed to enforce the forfeiture provision in the contract.
Rule of Law
Holding and Reasoning (Walters, J.)
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