In re Chrisman

On March 4, 1938, H. C. Offutt and Asalee Offutt, whom we shall call the objectors, were the owners of certain farm land in Fresno County, California. ' On that day, they executed with James Gilbert Chrisman and Elma N. Chrisman, his wife, the debtors, an agreement for the sale of the property for the sum of $3,250, payable at the rate of $200 or more a year, beginning on the 4th day of March, 1940, and annually thereafter, and continuing until the 4th day of March, 1942, at which date the total unpaid balance of principal and interest was to be paid. The agreement contained this clause: “It is understood and agreed by and between the parties hereto that this Contract of Sale is to remain in Escrow with the Home Title Company, until the $200.00 principal payment, together with interest payable March 4, 1940, is made.”

Pursuant to this clause, two copies of the agreement were deposited in escrow, under instructions which conditioned delivery of one of the copies to the debtors upon payment of the sum of $200 on March 4, 1940.

The debtors were allowed to occupy the land and farm it, paying all state and county taxes and all irrigation district assessments levied or assessed…