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MAY v. OAKLEY

No. 85-1563.

407 N.W.2d 569 (1987)

John E. MAY and Edith L. May, Husband and Wife, Appellees, v. Mabel Irene OAKLEY, Executor of the Estate of Donald G. Oakley, Deceased, Appellant. Mabel Irene OAKLEY, Individually, and Mabel Irene Oakley, As Executor of the Estate of Donald G. Oakley, Deceased, Appellant, v. John E. MAY and Edith L. May, Husband and Wife, Appellees.

Supreme Court of Iowa.

June 17, 1987.

Attorney(s) appearing for the Case

D.W. Harris, Bloomfield, and Emil Trott, Jr. of Barrett & Trott, Des Moines, for appellant.

Mark McCormick of Belin, Harris, Helmick, Tesdell, Lamson, Blackledge & McCormick, Des Moines, and R. Kurt Swaim, Bloomfield, for appellees.

Considered en banc.

LARSON, Justice.

On September 28, 1979, John E. May and Edith L. May agreed to sell their 320-acre, Davis County farm to Donald G. Oakley and Mabel Irene Oakley for $338,000, payable in installments. The contract allocated $50,000 of the purchase price to the residence and $288,000 to the land and provided that the first $50,000 paid would be considered to be for the purchase of the farm residence. A mortgage by the Mays to the Farmers Home Administration was assumed...

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