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LAND DEVELOPMENT, INC. v. PADGETT

No. 144.

369 P.2d 888 (1962)

LAND DEVELOPMENT, INC., an Alaskan Corporation, Appellant, v. Vernie L. PADGETT and Betty L. Padgett, Appellees.

Supreme Court of Alaska.

March 23, 1962.

Attorney(s) appearing for the Case

John P. Irvine, Irvine, Clark & Savage, Anchorage, for appellant.

Peter B. Walton, Connolly & Walton, Anchorage, for appellee.

Before NESBETT, C.J., and DIMOND and AREND, JJ.

DIMOND, Justice.

The only question here is whether the law will enforce, strictly in accordance with its terms, a typical forfeiture clause in a real estate sales contract.

In purchasing some real property the buyers1 made a down payment and were given possession. They agreed to pay the seller2 certain monthly installments of principal and interest until the balance of the purchase price was paid. In...

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