Fischer v. Union Trust Co. – Case Brief
Fischer v. Union Trust Co., 138 Mich. 612, 101 N.W. 852 (Mich. 1904).
Facts: Fisher Sr. conveyed property by warranty deed to his daughter who was incompetent. The deed stated that she was to get the land and that Fischer Sr. would pay off any mortgages on the property.
The daughter received the deed for consideration of one dollar and the deed was held by her brother. After Sr.’s death the property was foreclosed upon to settle a $3,000 mortgage. Fischer (P) sued Fischer Sr.’s estate (Union Trust Co., D) to enforce Fischer Sr.’s promise to pay off the mortgages. Judgment was entered for P and D appealed.
Issue: Is one dollar given in exchange for real property worth many times that amount valuable consideration?
Holding and Rule: No. One dollar given in exchange for real property worth many times that amount is not valuable consideration.
The real consideration for this transaction was the love and affection between Fischer Sr. and P, and his desire to provide for her support after he was dead. The consideration was not sufficient to compel the performance of a purely executory contract.
Disposition: Reversed and a new trial ordered.