Peterson v. Siebrecht
| Citation | 247 N.W. 6,188 Minn. 272 |
| Decision Date | 24 February 1933 |
| Docket Number | 28,987 |
| Parties | NELLIE C. PETERSON v. CHARLES W. SIEBRECHT AND OTHERS |
| Court | Supreme Court of Minnesota (US) |
Action in the district court for Hennepin county to have a contract for deed and the equitable title to certain apartment house property in Minneapolis, the legal title to which is in Investors Syndicate, adjudged to be held in trust for plaintiff by the defendant Charles W. Siebrecht. Defendant Edward W. Peterson claims to be the owner of the property subject to the rights of the Investors Syndicate under the contract for deed and subject to any interest which defendant Siebrecht has therein as security for money advanced by him to Peterson. The case was tried before Mathias Baldwin Judge, who made findings of fact and as conclusions of law held that the defendant Siebrecht is the owner of the vendee's interest in the contract from the Investors Syndicate and that neither plaintiff nor defendant Peterson has any right, title, or interest in the property. The court also directed that Peterson account for certain rents owing by him to Siebrecht. From the judgment entered pursuant to the findings the plaintiff and the defendant Edward W Peterson appealed. Affirmed.
Quieting title -- evidence.
1. The findings of fact by the trial court, that plaintiff, Nellie C. Peterson, and defendant Edward W. Peterson had no right, title, interest in, or lien upon the real property involved in this action, are sustained by the evidence, and the conclusions of law are sustained by the facts found.
Judgment -- lien against interest of vendee in executory contract for deed.
2. Where a vendee's interest in real property, under an executory contract for deed, is canceled by statutory notice for default in payment, a judgment creditor of the vendee, whose judgment is a lien upon the equitable interest of such vendee in the property, loses his lien upon the cancelation of the contract by the vendor.
John A. Nordin, for appellant Nellie C. Peterson.
Louis H. Joss and William E. MacGregor, for appellant Edward W. Peterson.
Howard P. Quealy and Daniel F. Foley, for respondents.
Appeal by plaintiff, Nellie C. Peterson, and defendant Edward W. Peterson from a judgment of the district court of Hennepin county.
The action is brought to have defendant Charles W. Siebrecht declared to hold in trust for plaintiff a contract for deed and the equitable title to an apartment building and property in Minneapolis, the legal title to which is held by Investors Syndicate. Defendant Edward W. Peterson by his answer claims that he is the owner of the property, subject to what is owing to the Investors Syndicate and subject to what may be owing to defendant Siebrecht, and seeks an accounting with Siebrecht, and other relief. The case was tried to the court, findings of fact and conclusions of law were made, and judgment was entered adjudging that defendant Charles W. Siebrecht is the owner of the vendee's interest in said contract from the Investors Syndicate; that neither the plaintiff, Nellie C. Peterson, nor the defendant Edward W. Peterson has any right, title, or interest in or lien upon the property in question. There are provisions for an accounting with Edward W. Peterson as to certain tain rents and money owing by him to Siebrecht, and other provisions not here necessary to state.
On February 23, 1927, the Investors Syndicate, a corporation, was the owner in fee of the property. On that day it sold the property to one Horning on contract for the price of $80,320, upon which $1,500 was paid, and the balance, with interest, was to be paid in installments of $750 per month, except one payment of $2,750 on October 10, 1927. On April 11, 1927, Horning and his wife assigned and transferred said contract and their interest in the property to defendant Edward W. Peterson, with the written consent of the Investors Syndicate. In October, 1927, when the $2,750 payment and other payments on the contract were due or about to come due, Peterson was unable to make any payments thereon. He negotiated with defendant Charles W. Siebrecht for a loan to make the necessary payments, and Siebrecht agreed to and did loan to Peterson $3,500 for that purpose. Peterson agreed to assign the contract to Siebrecht as security for the loan. In order to make a valid assignment thereof it was necessary that the Investors Syndicate consent thereto in writing. A three-party written agreement was thereupon entered into, under date of October 31, 1927, wherein Investors Syndicate was the party of the first part, Edward W. Peterson party of the second part, and Charles W. Siebrecht party of the third part. By that agreement Peterson assigned to Siebrecht the contract in question and all his right, title, and interest in the premises. As between Siebrecht and the Investors Syndicate, the agreement provides:
"The party of the third part [Siebrecht] hereby accepts said Assignment and agrees with the party of the first part [Investors Syndicate] to carry out...
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