Wallach v. Riverside Bank
Court of Appeals of New York
100 N.E. 50 (1912)
Wallach (plaintiff) entered into a contract to purchase real estate from Riverside Bank (defendant). The contract specified that title to all the premises would be conveyed by quitclaim deed subject to any restrictions of record. On the closing date, Wallach refused to accept the quitclaim deed because a title examination had revealed a defect in the chain of title. Wallach agreed to consummate the sale in the event that Riverside could provide marketable title. Riverside refused to fulfill its part of the agreement in any fashion other than conveyance by quitclaim deed subject to any title defects that may have existed. Wallach demanded return of his down payment and reimbursement for the costs of the title examination. Wallach filed suit to recover his expenditures. The trial court concluded that Wallach was entitled to the claimed damages because Riverside could not convey marketable title. Riverside appealed and the appellate court affirmed the trial court ruling. Riverside petitioned the supreme court for review.
Rule of Law
Holding and Reasoning (Cullen, C.J.)
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