Wood v. Donohue

736 N.E.2d 556 (1999)

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Nature of the Case

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Facts

In 1983, D and his girlfriend, Vicki Schroot, entered into a land installment contract with P to purchase a house for $87,900. Ds made a down payment of $30,000 and agreed to make monthly payments for the remainder of the purchase price under a thirty-year amortization schedule, with a seven-year balloon payment. (The balance of the purchase price was paid in full in 1990.) The house was located on property near the Fernald uranium-processing plant. In 1985, a class action was initiated against the processing plant. P and Ds filed claims. The lawsuit was settled, with the class members receiving monies for the diminution in value of their property as of December 18, 1984. The lawsuit's filing, settlement, and 'diminution date' were all after the execution of the land contract. P and Ds were awarded $9,478 as compensation for the diminished value of the property. A check was issued in 1993, to P and Ds jointly. P filed a complaint seeking a declaration that she was entitled to 65.41% of the settlement check and that Ds were entitled to the remainder. The court entered judgment for P, awarding her 65.41% of the settlement and Ds the remainder. The apportionment was based on the portion of the purchase money paid by Ds as of December 18, 1984. D appealed; because he was the purchaser of the property under the land installment contract, he was entitled to the full settlement amount under the doctrine of equitable conversion.