OLDFIELD V. STOECO HOMES, INC.
26 N.J. 246, 139 A.2d 291 (1958)
NATURE OF THE CASE: Oldfield (P) appealed a determination which declared Stoeco (D's)
resolutions which extended the time in which conditions of a deed were to be performed valid.
FACTS: In an effort to further development, Ocean City sold several tracts of swampland
at auction. Stoeco (D) was the only bidder on these tracts, and was therefore able to
purchase them. The deed granted with respect to some of the land required them to fill the
lots within one year of the date of the deed, or the land would revert to the city. This
requirement placed an unanticipated financial burden on D, and they did not comply with the
requirement on time. Rather than retaking the land, the city extended the time for
compliance several times. Residents of the city (P) filed suit to prevent the city from
granting further extensions of time, and to have D forfeit the land and return it to the
city. The lower court found that D's estate in the land was a fee simple subject to
condition subsequent, and granted judgment in their favor. P appealed, arguing that the deed
created a fee simple determinable. Before there was a hearing in the Appellate Division, the
Supreme Court certified the cause on its own motion.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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