Seaman v. Seaman
Maine Supreme Judicial Court
477 A.2d 734 (1984)
Relevant factsFree
Malcolm Seaman (defendant) assigned his future interest in a cottage to secure a $4,500 loan from his brother Earle (plaintiff), to be repaid within five years, but made no payments until a 1979 partial-payment agreement; after the cottage's life tenant died in 1982 vesting Malcolm's interest, Malcolm tendered the remaining balance, which Earle refused, instead suing for specific performance while Malcolm countersued for a redemption option.
IssueFree
Whether, if a conveyance's agreement of transfer was as security, the conveyance, though in form a deed absolute, is an equitable mortgage.