Seaman v. Seaman

477 A.2d 734 (1984)

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Nature of the Case

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Facts

P lent D $4500. On September 9, 1965, D and his wife executed a promissory note for that amount plus five percent annual interest, the total to be repaid in five years. D assigned to P his future interest in a cottage in Ogunquit which he had received under his grandfather's will. Ds interest was a vested remainder subject to divestment if D predeceased the life tenant. D made no payments on the note during the five-year period. In 1971, P recorded the note, the assignment, and an affidavit of default, but did not institute foreclosure proceedings. In 1973, the parties made a new agreement. D promised to make monthly payments of $50.00 on the note. P received four $100 payments in 1977 and $500 in 1979. On March 9, 1982, the life tenant died, and D's interest in the Ogunquit cottage was no longer subject to divestment. On March 25, 1982, D tendered payment of $5848.55 to P, representing the total amount he calculated to be due on the note. P refused and instituted this action for specific performance. D counterclaimed, seeking an order that he be allowed to redeem the property by payment of the amount due on the note. The Court directed that D be given 90 days in which to redeem his interest in the cottage, by tendering to the plaintiff $4500, plus five percent annual interest, computed from September 9, 1965. P appealed.