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Brush Grocery Kart, Inc. v. Sure Fine Market, Inc.
Supreme Court of Colorado (2002) | 47 P.3d 680; 2002 Colo. LEXIS 437; 2002 WL 1160191
TL;DR: A commercial tenant exercised an option to purchase but vacated before closing. When hail damaged the property, the Colorado Supreme Court held the seller bore the risk of loss because the buyer was not in possession, entitling the buyer to price abatement.
Legal Significance: This case clarifies that under Colorado law, the risk of casualty loss to real property during the executory period of a sale contract remains with the vendor unless the vendee is in possession, regardless of equitable conversion.