Green River Chemical Co. v. Iler

• Decision Date: 20 October 1910
• Citation: 140 Ky. 359,131 S.W. 174
• Parties: GREEN RIVER CHEMICAL CO. et al. v. ILER et al.
• Court: Kentucky Court of Appeals

131 S.W. 174

140 Ky. 359

GREEN RIVER CHEMICAL CO. et al. v. ILER et al.

Court of Appeals of Kentucky.

October 20, 1910

Appeal from Circuit Court, Ohio County.

Action by the Green River Chemical Company and others against W. P Iler and others to set aside a tax sale. From the part of the judgment setting aside the sale, defendants appeal, and from that part for defendants on their counterclaim plaintiffs cross-appeal. Affirmed on defendants' appeal, and reversed and remanded on the cross-appeal.

Barnes & Anderson, for appellants.

Glenn &amp Simmerman and Heavrin & Woodward, for appellees.

NUNN J.

The parties appellant herein are and were prior to 1902 residents of Boonville, Ind. During the year named, they organized a partnership, secured six acres of land near the town of Rockport, Ky. graded it, and made excavations for the construction of buildings to do a manufacturing business. They constructed a plant on this ground for the purpose of manufacturing wood alcohol, acetate of lime, charcoal creosote, etc. The installation of the plant cost $20,000 or $25,000. It consisted of a 3-room office building, a still-dry house 40 by 50 feet, 3 stories high, 1 acetate storeroom 20 by 40 feet, one dryhouse 20 by 30 feet, 1 charcoal room 24 by 70 feet, 1 room for raw lime, a pumphouse with a well beneath it 24 feet deep, within which 2 pumps were located, 1 large boiler room in which was located a boiler incased in masonry, retorts, 12 in number, holding a cord of wood each, were also incased in masonry, and connected with these retorts were 8 large copper stills, 12 copper condensers, 10 wooden tanks, 2 large iron stills, and all other apparatus necessary to conduct a plant for the purposes named. They continued this plant in operation until May, 1907, under the name of "Green River Chemical Company." Upon the last-named date, they sold the plant to Geo. H. Bohannon for the price of $8,500, and executed to him a deed of conveyance, which recited that the sum of $620 was cash in hand paid, and that the unpaid purchase money was evidenced by two promissory notes executed by Bohannon to the firm, one for $1,000 due in 90 days, and the other for $6,880 due in 15 months, from date. The deed by agreement of parties was deposited in the Boonville National Bank to be delivered to Bohannon when he paid the purchase price. At the time the deed was executed, there was a separate written agreement entered into between the parties, which, after reciting the sale and execution of the conveyance and the placing of the deed in escrow, continues as follows: "It is also understood and agreed by and between the parties hereto that the party of the second part may, at his option, pay the full amount of the purchase price at any time he sees fit before the maturity of said note, and at which time the deed to-day made and acknowledged shall be delivered to him by the Boonville National Bank. It is also understood and agreed by and between the parties hereto that in anticipation of the agreement hereby made, and in consideration of the money paid by the second part to the parties of the first part, the possession of the real estate of the parties of the first part located at Rockport, Ky. and the appurtenances thereunto belonging, is this day transferred to the party of the second part, and he is to have and assume full control and charge of said plant as his own, but the title thereto it is understood and agreed shall not pass from the parties of the first part to the second part until the deed this day made and acknowledged is delivered to him, as above specified and set out. And it is agreed and understood by and between the parties hereto that the operation of the plant at Rockport Ky. is to be carried on and performed by the party of the second part on his own responsibility from the time he takes possession of the same, and, at any time the party of the second part fails to keep his part of the contract and pay the sums of money above specified, the parties of the first part shall have the right to annul the contract and regain possession of the property. It is also agreed and understood by and between the parties hereto that, in consideration of the premises, the party of the second part agrees in the near future to put a new dry floor in the plant at Rockport, Ky and that he will put a new roof on the boiler room of...