SKELLY OIL CO. V. ASHMORE
365 S.W. 2d 582 (1963)
NATURE OF THE CASE: Ashmore (D) appealed from a judgment entered in favor of Skelly (P) in
an action for specific performance of a contract for the sale of land and for an abatement
of the purchase price.
FACTS: Ashmore (D) acquired property in 1953 and operated a grocery store in the
building. The property was leased to Don Jones for $150 per month. D had fire insurance.
Skelly (P) made a contract with D for the sale of the property for the sum or $20K; the
contract was dated July 31, 1957. The transaction was to close on April 16, 1958 but on
April 7 the building, furniture and fixtures were destroyed by fire. P informed D that it
was willing to close the deal upon assignment of the insurance proceeds. D disagreed with
this provision and P informed D that it would still close the transaction but not waive its
rights to the insurance proceeds. The insurance proceeds were paid. The contract for sale
did not include any provisions as to who would assume the risk of loss. P sued D for
specific performance and abatement. The trial court found for P and ordered specific
performance with an abatement of $10K for the insurance proceeds. D appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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