McCain v. Columbia Finance & Trust Co.

• Decision Date: 13 November 1906
• Citation: 97 S.W. 343
• Parties: MCCAIN v. COLUMBIA FINANCE & TRUST CO.
• Court: Kentucky Court of Appeals

97 S.W. 343

MCCAIN v. COLUMBIA FINANCE & TRUST CO.

Court of Appeals of Kentucky.

November 13, 1906

Appeal from Circuit Court, Marion County.

"Not to be officially reported."

Petition by the Columbia Finance & Trust Company against M. A. McCain to reform a contract. From a judgment for plaintiff, both parties appeal. Affirmed.

Richards & Ronald, for plaintiff.

Hugh P Cooper, for defendant.

HOBSON C.J.

In November, 1902, the Columbia Finance & Trust Company sold M A. McCain 131 1/2 acres of land, for which he agreed to pay $50 an acre, or $6,575 for the tract. The contract was evidenced by the following writing: "Whereas the Columbia Finance & Trust Company has this day and date sold to M. A. McCain the tract of land No. 1 on the part of what is known as the Ray farm of the B. F. Mattingly lands containing about one hundred and thirty-one and one-half acres for and in consideration of fifty dollars ($50.00) per acre or $6,575.00, full possession given January 1, 1903 when notes executed but said McCain is to be permitted to move in sooner and make fencing, &c. The company takes his notes retaining a lien on the land for six years for said sum with privilege of payment by McCain in any amount at any time before maturity, and said McCain will pay $1,000.00 in March or April of 1903. * * * Company to make deed when terms are complied with. This November 14th, 1902." When the company tendered a deed a dispute arose between the parties as to whether McCain was to pay interest on the deferred payment due in six years, and this suit followed, the company claiming interest by the terms of the written contract, and also alleging that if the contract on its face did not require McCain to pay interest it was so drawn by a mutual mistake. The allegations of the petition were denied by McCain, and on final hearing the court adjudged the company the relief indicated, and he appeals.

The proof shows that the company had been offered $42.50 an acre for the land shortly before the sale to McCain and that if McCain does not pay interest on the deferred payment for six years he will really get the land at $35 an acre. The proof also shows that McCain, on different occasions, said that he was to pay interest on the purchase money, and sold a tract of land belonging to him, stipulating for the payment of the price so that as he said he might stop the interest on the tract which he had bought from the trust...