Purchase-money

PURCHASE-MONEY. The consideration which is agreed to be paid by the purchaser of a thing in money. It is the duty of the purchaser to pay the purchase-money as agreed upon in making the contract, and, in case of conveyance of an estate before it is paid, the vendor is entitled according to the laws of, England, which have been adopted in several of the states, to a lien on the estate sold for the purchase-money so remaining unpaid. This is called an equitable lien. This doctrine is derived from the civil law. Dig. 18, 1, 19. The case of Chapman v. Tauner, 1 Vera. 267, decided in 1684, is the first where this doctrine was adopted. 7 S. & R. 73. It was strongly opposed, but is now firmly established in England, and in the United States. 6 Yerg. R. 50; 4 Bibb, R. 239 1 John. Ch. R. 308; 7 Wheat. R. 46, 50 5 Monr. R. 287; 1 liar. & John. 106; 4 Har. & John. 522; 1 Call. R. 414; 1 Dana, R. 576; 5 Munf. R. 342; Dev. Eq. R. 163 4 Hawks, R. 256; 5 Conn. 468; 2 J. J. Marsh, 330; 1 Bibb. R. 590.
     2. But the lien of the seller exists only between the parties and those having notice that the purchase-money has nut been paid. 3 J. J. Marsh. 557; 3 Gill & John. 425 6 Monr. R. 198.

References in classic literature ?
I might have sold it again, the next day, for more than I gave: but, with regard to the purchase-money, I might have been very unfortunate indeed; for the stocks were at that time so low, that if I had not happened to have the necessary sum in my banker's hands, I must have sold out to very great loss.
His name was entered at the Horse Guards as an applicant for an ensign's commission; the purchase-money was deposited at an agent's; and Richard, in his usual characteristic way, plunged into a violent course of military study and got up at five o'clock every morning to practise the broadsword exercise.
As a matter of fact I suppose that Monty is entitled to half the purchase-money you received for the Company.
Des Lupeaulx would cut off a leg to get elected in his place," continued Mitral; "but he must have the title-deeds of the property in his own name, and then mortgage them back to us for the amount of the purchase-money.
She had between two and three hundred pounds left of her own property, and I had nearly as much remaining from the purchase-money obtained by the sale of my drawing-master's practice before I left England.
Many credit unions seek to build up purchase-money loans as a hedge against the day when the numbers of refinance loans decline and because they often include significantly more cross-selling opportunities.
To further challenge their balancing capabilities, they often differentiated service qualities between purchase-money loans and refinance loans.
The taxpayer will acquire title to the replacement property at the close of the exchange and obtain purchase-money financing for that property at that time.
In addition, the Company reported that its $3,587,000 purchase-money note receivable taken back on the earlier sale of Valley West Mall in Glendale, Arizona had been prepaid.
If the seller of specific property reduces the purchaser's debt that arose out of the purchase, and the reduction to the purchaser does not occur in a bankruptcy case or when the purchaser is insolvent, the reduction to the purchaser of the purchase-money debt is to be treated (for both the seller and the buyer) as a purchase price adjustment on that property.
As a result of the exchange and retirement of these two notes, the Company no longer has any material debt other than approximately $190,000 in purchase-money financing for equipment.
If the debtor is solvent, income realized from a discharged debt may still escape taxation, if the obligation is purchase-money indebtedness still held by the original seller of the property and the other requirements of Sec.

Full browser ?