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The Court of Appeals overturned a lower court's decision and ruled in favor of plaintiff-respondents seeking possession of real estate through a forfeiture clause in a land sale contract. The defendants defaulted on payments, and the plaintiffs sought to enforce the forfeiture provision. The Court of Appeals found that the provision was significant and that the defendants' affirmative defense of waiver was not accepted. The Supreme Court of Indiana established that a vendor can waive strict compliance with a land sale contract's provisions by accepting overdue or irregular payments, but must give specific notice of their intent to no longer be indulgent and insist on their right of forfeiture unless the default is paid within a reasonable and specified time. The court must determine whether a $21,000 forfeiture in a land contract is reasonable, considering the circumstances of the case, such as the purchaser's intent and the market conditions. The Supreme Court of Indiana has established that in conditional land contracts, the vendee acquires equitable title at the time of contract consummation and assumes the risk of loss and appreciation in value. The amount paid by the vendee must be considered in relation to the total contract price, and a forfeiture clause for liquidated damages that results in substantial injustice is inconsistent with fairness and equity.
Prentice, J. clarifies that enforcing forfeiture provisions in installment sales contracts is appropriate, but a vendee seeking to avoid forfeiture must demonstrate the inequity of enforcement. If the vendee has little or no equity in the property, the court should declare a forfeiture. If the vendee has abandoned the property, released it, or failed to assert their claim in a timely manner, they should be barred from claiming equity. The court should grant the vendor maximum relief that is consistent with equity against a defaulting vendee, even if the court deems forfeiture to be unjust. The transaction should be treated as a note and mortgage, with provisions such as increased interest during periods of default, acceleration of the due date of the entire unpaid principal and interest upon a default continuing beyond a reasonable grace period, provisions for attorneys' fees and other expenses incidental to foreclosure, waiver of relief from valuation and appraisement laws, and for receivers.
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