Washington Law Review


Among the many complexities of modem business and financial life none is fraught with more intricacies than the utilization of credit. Economic exigencies have dictated that many must purchase without the immediate ability to pay. The seller, likewise, has evidenced an eagerness to sell and transfer the possession of his property upon the receipt of a promise that payment will be subsequently made at a specified date. Thus commerce thrives and the needs of the community are satisfied. It is, however, necessary that the seller receive some further assurance, some more reliable protection than the mere promise of the buyer to pay, and it has been as the result of such a need that the various types of security devices have been conceived and have thrived. Our present concern is with but one of these, namely the executory contract to buy and sell land. The scope of the treatment herein will be limited to a narrow, but important phase of the general problem—the rights of the vendee and those taking under him as against a creditor of the vendor who, subsequent to the initial transaction, obtains a judgment lien upon all of the debtor's property.

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