PURCHASE-MONE

1 definition found

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  PURCHASE-MONEY. The consideration which is agreed to be paid by the 
  purchaser of a thing in money. It is the duty of the purchaser to pay the 
  purchase-money as agreed upon in making the contract, and, in case of 
  conveyance of an estate before it is paid, the vendor is entitled according 
  to the laws of, England, which have been adopted in several of the states, 
  to a lien on the estate sold for the purchase-money so remaining unpaid. 


  This is called an equitable lien. This doctrine is derived from the civil 
  law. Dig. 18, 1, 19. The case of Chapman v. Tauner, 1 Vera. 267, decided in 
  1684, is the first where this doctrine was adopted. 7 S. & R. 73. It was 
  strongly opposed, but is now firmly established in England, and in the 
  United States. 6 Yerg. R. 50; 4 Bibb, R. 239 1 John. Ch. R. 308; 7 Wheat. R. 
  46, 50 5 Monr. R. 287; 1 liar. & John. 106; 4 Har. & John. 522; 1 Call. R. 
  414; 1 Dana, R. 576; 5 Munf. R. 342; Dev. Eq. R. 163 4 Hawks, R. 256; 5 
  Conn. 468; 2 J. J. Marsh, 330; 1 Bibb. R. 590. 
       2. But the lien of the seller exists only between the parties and those 
  having notice that the purchase-money has nut been paid. 3 J. J. Marsh. 557; 
  3 Gill & John. 425 6 Monr. R. 198.