Future Interests – Restraints on Alienation – Option to Repurchase at a Fixed Price
Shortly after his second marriage in 1925, plaintiff deeded a house and two lots to the parents of his first wife. The grantees, along with the plaintiff, had occupied the premises since the first wife’s death. The deed contained a provision that “if the second parties do not wish at any time to use the property as a home, the first parties shall have the first privilege to purchase the above described property at any future time at the price stated in this deed, viz., $4,000.” In 1952, after the death of both grantees and when the property was worth $12,000, plaintiff tendered the purchase price to the heirs of the grantees and demanded a deed. Upon their refusal to convey, he brought suit for specific performance, which was granted by the lower court. On appeal, held, affirmed, two justices dissenting. Lantis v. Cook, 342 Mich. 347, 69 N.W. (2d) 849 (1955).