SEBASTIAN V. FLOYD
585 S.W.2d 381 (Ky. 1979)
NATURE OF THE CASE: This was a dispute over an installment land sale contract.
FACTS: Sebastian (D) purchased a house and lot from Floyd (P) for $3,800 down and
financed the balance of $10,900 purchase price, plus taxes, insurance, and interest @ 8.5%
in monthly installments of $120 per month. A forfeiture clause was to take effect if D
remained in default for over 60 days and as such, P could retain all payments previously
made as rent and liquidated damages. D missed seven installments over the next 21 months. D
paid P $5,480 instead of the $6,300 under the contract and $4,300 of the principal had been
paid down. P sued for $700 for payment of taxes and insurance and for enforcement of the
forfeiture clause.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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