Arko Enterprises, Inc. v. Wood
District Court of Appeal of Florida, First District
185 So. 2d 734 (1966)
Relevant factsFree
Jackson contracted to buy land from Arko (defendant) that Arko was still improving, paying part of the price upfront with the balance due after improvements were complete; before Arko finished those improvements, the city condemned the land by eminent domain, and Arko, retaining record title, defended the condemnation and received the award, while Wood and Coleman (plaintiffs), Jackson's beneficiaries, sought a declaration of rights and reimbursement.
IssueFree
Whether, under the doctrine of equitable conversion, a property buyer becomes the property's equitable owner upon signing the purchase contract and must bear any subsequent loss to the property.