Hadley Stephens and Alicia Stephens v. Arrow Lumber Co., Inc., a Corporation

Appellants appeal from a final judgment and decree of foreclosure. The action was originally instituted by appellee, Arrow Lumber Co., Inc., in the Superior Court of the State of Alaska, for the foreclosure of materialmen’s liens on certain described real property but was transferred to the United States District Court upon motion of the United States of America, one of the defendants, which asserted various tax liens on the subject property.

The record discloses that by document dated July 24, 1962, entitled “REAL ESTATE CONDITIONAL SALES CONTRACT WITH ESCROW”, appellants conveyed their interest in Lots 5 through 12 of Block 28, Fairview Subdivision, Anchorage, Alaska, to Mr. and Mrs. Bran-son and Mr. and Mrs. Schmider for the principal sum of $17,000.00 with interest thereon from April 25, 1962. The principal sum was payable on or before November 1, 1962, payable in installments or in a lump sum. The document recites that the buyers shall continue in possession of the above described lots as they have in the past, for the purpose of building thereon dwelling houses for resale, and such possession shall continue so long as the buyers shall pay the pur chase price, plus interest,…