Sharp v. Holthusen

616 P.2d 374 (Mont. 1980)

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Nature of the Case

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Facts

The Sharps (P) sold real property to the Holthusens (D). Under the contract, D could assume P's VA loan and discharge it within one year in a balloon payment. After the contract was signed, it was discovered that a well on the property, which was integral to the property's value, was contaminated. D could not get the financing to pay off the balloon note because of the well. D drilled a new well and finally obtained the necessary financing. D finally tendered payment on the balloon note, and the escrow agent refused it at P's direction. P insisted upon a release from the claims related to the well. D refused to give that release. P then sued for forfeiture and repossession. The trial court refused to declare a forfeiture, and awarded damages instead. P appealed.