Timko v. Useful Homes Corp.
New Jersey Court of Chancery
168 A. 824 (1933)
- Written by Serena Lipski, JD
Facts
Katryn Timko (plaintiff) and her husband, who died later, purchased two lots from the Useful Homes Corporation (Useful Homes) (defendant). The Timkos made a $300 down payment and then paid $10 per month, with Useful Homes retaining the deeds until the Timkos paid the full purchase price. In September 1928, after Timko had paid $360 in monthly payments, Useful Homes experienced financial difficulties and was taken over by Sunshine Builders, Inc. (Sunshine) (defendant). In December 1928, Sunshine intentionally sold Timko’s lots to Bertha Madacsi for $1,100. Timko continued to pay installments until December 1931, when Timko offered to pay her remaining balance and requested the deeds for her lots. Sunshine could not immediately give Timko the deeds because Sunshine had sold the lots to Madacsi. Sunshine had to repurchase the lots from Madacsi and then offered Timko the deeds. At that point, Timko refused the deeds and filed suit against Sunshine seeking $1,100, Madacsi’s purchase price, as well as interest from December 1928.
Rule of Law
Issue
Holding and Reasoning (Backes, J.)
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