PURCHASE-MONEY. The consideration which is agreed to be paid by the
purchaser of a thing in money. It is the duty of the purchaser to pay the
purchase-money as agreed upon in making the contract, and, in case of
conveyance of an estate before it is paid, the vendor is entitled according
to the laws of, England, which have been adopted in several of the states,
to a lien on the estate sold for the purchase-money so remaining unpaid.
This is called an equitable lien. This doctrine is derived from the civil
law. Dig. 18, 1, 19. The case of Chapman v. Tauner, 1 Vera. 267, decided in
1684, is the first where this doctrine was adopted. 7 S. & R. 73. It was
strongly opposed, but is now firmly established in England, and in the
United States. 6 Yerg. R. 50; 4 Bibb, R. 239 1 John. Ch. R. 308; 7 Wheat. R.
46, 50 5 Monr. R. 287; 1 liar. & John. 106; 4 Har. & John. 522; 1 Call. R.
414; 1 Dana, R. 576; 5 Munf. R. 342; Dev. Eq. R. 163 4 Hawks, R. 256; 5
Conn. 468; 2 J. J. Marsh, 330; 1 Bibb. R. 590.
2. But the lien of the seller exists only between the parties and those having notice that the purchase-money has nut been paid. 3 J. J. Marsh. 557; 3 Gill & John. 425 6 Monr. R. 198.