Rancher v. Franks (269 S.W.2d 926, 1954)

BOYD, Justice.

On March 3, 1951, E. R. Franks contracted to sell and Jeanell Rancher and J. D. Rancher contracted to buy a tract of land with an unfinished house thereon for the agreed price of $1,600. A payment of $50 was made in cash by the buyers, and the contract provided that they pay $40 on the first day of each month thereafter until the agreed price should be paid in full, with interest at the rate of eight per cent per annum, the interest to be included in the monthly payments. On December 1, 1951, the balance due on the purchase price, including principal and interest, was $1,328.50. The contract provided that failure to make any installment payment when due gave the seller the right, at his option, to take possession of the property and declare the contract and all rights thereunder at an end, and that all payments that might have been made under the contract would be retained by the seller as agreed rentals for the use of the property. The $40 payment due on January 1, 1952, was not paid, and on January 7, 1952, during the absence of the buyers from the premises, Franks entered into possession thereof and declared the contract terminated, and immediately placed J. E. Sparks in possession of the property.

' Jeanell Rancher and J. D. Rancher .w;er