ISBN: 9781154221398

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not … Meer...

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1859 edition. Excerpt: ... time before it was due, the latter sum should be taken as the real debt, and the former as a mere penalty. The general principle, however, is that when performance of an act on a day certain, is a condition precedent to the acquisition of a right or privilege, equity cannot relieve against the consequences of a non-performance. Thus when sale is made with a right of repurchase during a fixed period, the right cannot be enforced after the period has expired; Robinson v. Cropsey, 2 Edwards, 138; ante, 84, 634. And when the right of the drawers of the successful tickets in a lottery, to receive the prizes drawn, was made dependent by the terms of the published scheme, on their presenting their claims within the year, it was held to be forfeited by a delay beyond that time; The City Bank v. Smith, 3 Gill & Johnson, 265. In like manner where the vendor and vendee of land agree, that each shall pay half of a mortgage resting on the land, with a proviso that if the vendor fail to pay his proportion, he shall have no right to compel the purchaser to pay the residue; the proviso will be binding, and a compliance with it essential to a recovery upon the agreement; Flagg v. Munger, 5 Selden, 483. But this rule, like the others, will yield to the intention of the parties, and the policy of the law to prevent oppression, as in the common case where relief is afforded to a mortgagor after the period has elapsed for the performance of the condition, because the real object of the transaction being security for the debt and not the conveyance of the estate, if the debt be repaid, the purpose of the contract is effected, and neither party can be en titled to anything more; ante, 640. And the decision in Brockway v. Clark, affords a striking example of... Frederick Thomas White, Books, History, A selection of leading cases in equity, with notes Volume 3 Books>History <