Union Bond & Trust Co. v. Blue Creek Redwood Co.

128 F.Supp. 709 (1955)

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Nature of the Case

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Facts

The assignors of the parties to this suit entered into a timber purchase contract. The contract price was $750,000, to be paid from the proceeds of the timber. $585,000 had been paid by the vendee (P) before P defaulted. The lower court found that certain of the defaults were willful. Under the contract, if P continued in default for 60 days after receiving notice of default and a demand for performance from D, D was entitled to resume possession of the property, retain all payments made, and cancel the contract. The contract also provided that time was of the essence. P had been in default for at least 60 days after D demanded performance. P filed this action requesting a declaratory judgment that the contract was in full force, and requiring specific performance from D. In the answer, D requested a declaration that P was in default, damages, and quiet title in the land.