URQUHART V. TELLER AND THE CINNABAR FOUNDATION
958 P.2d 714 (1998)
NATURE OF THE CASE: This was a dispute over an option to purchase.
FACTS: Teller and his late wife were owners of 280 acres. In May 1971, they entered into
an agreement with the Urquharts to sell 270 acres. Urquhart was given an option to purchase
the ten remaining acres. As per the contract, the Urquhart's paid off the Contract for Deed
and the unrestricted warranty deed was released from escrow and recorded. The contract for
deed contained the option agreement. In the fall of 1993, Teller conveyed the 10-acre parcel
to Cinnabar as a charitable gift. The value of the land had increased to about $400,000.
Urquhart (P) sued seeking to enforce its option. Both parties filed motions for summary
judgment. The trial court granted D partial summary judgment holding that the first right of
refusal was limited to the duration of the Contract for Deed constituted an unreasonable
restraint on alienation and violated the Rule Against Perpetuities.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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