Lawson v. Floyd

• Decision Date: 09 January 1888
• Citation: 124 U.S. 108,8 S.Ct. 409,31 L.Ed. 347
• Parties: LAWSON v. FLOYD
• Court: U.S. Supreme Court

124 U.S. 108

8 S.Ct. 409

31 L.Ed. 347

LAWSON v. FLOYD.

January 9, 1888.

James H. Ferguson, for appellant.

C. C. Watts, for appellee.

MILLER, J.

On the second day December, 1857, George R. C. Floyd, the appellee in this case, and Anthony Lawson, the appellant, entered into a written agreement for the exchange of several tracts of land which were owned by Floyd for another tract of land owned by Lawson. These tracts were in different parts of the country, and those held by Floyd were incumbered by an indebtedness amounting to over $18,000, which Lawson assumed to pay. In adjusting the exchange of these tracts, those which were to be conveyed by Floyd to Lawson were estimated at $26,000, and the property which Lawson agreed to convey to Floyd at $10,000. The balance which by these estimates would be due from Floyd to Lawson, after Lawson had paid the incumbrances on the Floyd property, some two or three thousand dollars, was left a little uncertain, by reason of the necessity of ascertaining the amounts due on some of the liens, and was to be paid by Floyd in cash. The contract for this exchange, which is appended to the bill in this suit as Exhibit A, is as follows:

'Memorandum of an agreement, made this second day of December, 1857, between George R. C. Floyd, of the one part, and Anthony Lawson, of the other part, witnesseth, that the said Floyd has sold to the said Lawson, for twenty-six thousand dollars, two several tracts of land lying in the west end of Burke's garden, in the county of Tazewell,—one known as the 'Waterford Place,' and supposed to contain eight hundred and two acres, and the other known as the 'Smith Place,' adjoining the other, and supposed to contain four hundred and sixty-seven acres. The title to the Waterford place is in John B. Floyd, and the said George R. C. Floyd binds himself to procure a deed therefor to the said Lawson, with general warranty and relinquishment of dower; and the title to the Smith place is in one Ballard P. Smith, who will make a deed therefor, with general warranty and relinquishment of dower, upon the payment of the purchase money hereinafter named. And the said Floyd is to deliver possession of said tracts of land at once. And the said Lawson, for the said tracts of land, binds himself to pay as follows, viz.: To Ballard P. Smith, the amount for which said Smith place sold under a decree of the circuit court of Washington county, which is supposed to be $8,410, but, if that is not the correct sum, it is to be ascertained; and to pay to A. S. Gray the sum of $9,850, which may be paid in three installments of $3,283.33 each,—one due January 1, 1859, one due January 1, 1860, and the other due January 1, 1861 —each bearing interest from January 1, 1858; and also to convey to the said Floyd the property of said Lawson at Logan court-house, consisting of five half-acre lots, viz., Nos. 8, 9, 10, 11, and 12 in the original plan of the town of Lawnsville, now Aracoma, and about 1,000 acres of land lying on the east side of Guyandotte and north of Aracoma, being all the lands owned by said Lawson below or north of Kezer's branch, lying back of lots Nos. 6 and 7, and below the public square, and down as far as McDonald's land; and the said Lawson puts the property at ten thousand dollars. And the said Lawson is to make the said Floyd a deed, with general warranty and relinquishment of dower, to the above-described property, except one recent grant, and part of another tract lying back from the river, which he is only to convey specially. And the said Lawson is to deliver possession of the lands and lots by first March next, except the store-house and dwelling-house, and _____ of them by the first of May next. And whereas the above payment to Gray and Smith, and the above property at $10,000, makes more than the sum of $26,000, which the two tracts of land in the garden are rated at, it is agreed that the difference, whatever it may be, between six thousand dollars and the sum necessary to be paid to Smith, shall be due from said Floyd to said Lawson, to be paid when said Lawson delivers possession of the lands, lots, etc., at Aracoma; and the said Lawson has the privilege of retaining the title to the land to be conveyed by him till the said balance is paid.

'Witness the following signatures and seals.

'GEO. R. C. FLOYD. [Seal.]

'A. LAWSON. [Seal.]'

Each party took possession of the property which he acquired under this exchange, and Lawson paid the liens on the property which he received from Floyd, and had the title conveyed to himself. The balance which was due from Floyd to Lawson remained unpaid for 14 years, when Lawson brought suit in the circuit court of Logan county, West Virginia, to collect the debt by the enforcement of the lien which he held on the land, the title remaining in him up to this time. It seems that Floyd had sold the whole or a large part of the property he received from Lawson to one Johnston, who was made a defendant to that suit. This action was compromised on the third day of August, 1871, by a written agreement of that date, signed by Lawson, Floyd, and Johnston. This compromise recognized that there was due to Lawson from Floyd the sum of $5,051.30, which was a lien on the real estate described in the contract, and Johnston assumed and bound himself to pay to Lawson that sum in three installments, with 6 per cent. interest, and it was agreed that the property and control of the land should be in Johnston, as an indemnity to him for the payment of this purchase money. This agreement is marked 'Exhibit B' in the bill, and is as follows:

'This contract, made this third day of August, 1871, between Anthony Lawson, Geo. R. C. Floyd, and John W. Johnston, witnesseth, that whereas, a certain suit is pending in the circuit court of Logan county, West Virginia, in which Anthony Lawson is plaintiff, and said Floyd and Johnston and others defendants, touching a balance of purchase money claimed by said Lawson for a tract of land near Logan court-house: Now, therefore, the said suit is to be dismissed at the next term of the court, each party paying his own costs, and all matters in said suit are settled on the following terms, viz.: A note executed by A. Lawson to Geo. R. C. Floyd, which was filed by said Floyd as an offset against said Lawson in the said suit, is to be credited with the sum of two thousand seven hundred and sixty dollars, as of the date of June 30, 1858, being the amount, principal and interest, at that date, of the legacies given by the will of Mrs* Letitia Floyd to Letty P. Lewis and Mikattie P. Johnston, which legacies were paid by said Lawson, the said payments so made being hereby ratified by said Floyd; and it is further agreed that said Johnston shall assume, and he does hereby assume and bind himself, to pay to Anthony Lawson the balance of said purchase money, amounting, principal and interest, at this date, to $4,851.30, and the costs of said suit, estimated to be $200.00, making in all five thousand and fifty-one dollars and thirty cents, as follows, viz.: One-third on or before the first day of January, 1873; one-third on or before the first day of January, 1874; and one-third on or before the first day of January, 1875,—all bearing interest at 6 per cent. per annum from this date. And it is further agreed that said Lawson and said Floyd shall each, and they do hereby, bind themselves that the property and the control of the tract of land herein mentioned, sold by the said Lawson to said Floyd, estimated to contain 1,000 acres, shall be in said Johnston, as an indemnity to him, which is described as follows, viz.: All the land owned by said Lawson, lying below Kezer's branch above Aracoma, lying back of the lots Nos. 5, 6, and 7, in the original plan of the town of Lawnsville, (now Aracoma,) including the following town-lots, as laid down in said plan of the town of Lawnsville, viz., Nos. 8, 9, 10, 11, and 12; thence down river to box-elders, at the lower end of said Lawson's land; thence with the division line between said Lawson's land and McDonald's land; thence up the point of the ridge below the sugar-camp hollow to the back line of said Lawson's land; thence with the back line to said Kezer's branch; and thence down the same to the beginning. But the said Lawson is to retain the legal title to said lands and lots as a security for the payment of the said purchase money, except the land and lots sold to Isaac Morgan and John and Urias Buskirk. And it is further agreed that said portions of said land as may be sold by said Johnston or his agent shall be conveyed by the said Lawson to the purchaser, upon the payment to him of the purchase money of the said portion; and the balance of the land, if any, not sold by the said Johnston or his agent to third parties, is to be conveyed by the said Lawson to the said Floyd when the said sum of $5,051.30 is paid, with its interest. And it is further agreed that the portions of land sold by Geo. R. C. Floyd to Isaac Morgan, being about fifty acres, at the lower end of the tract, and lots Nos. 11 and 12 in the original plan of the town of Lawnsville, (now Aracoma,) lying between the river and the present street, and extending down to the lower corner of the stable, and thence to the river, sold to Urias Buskirk, shall be ratified, and the legal title shall be conveyed by said Lawson to the said Morgan and to the said Buskirk, respectively, or to such persons as they shall in...