Contracts Keyed to Calamari
Monroe Street Properties, Inc. v. Carpenter
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- Topic: Identifies the topic of law and where this case fits within your course outline.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
On March 27, 1962, the Appellant, Monroe Street Properties, Inc. (the "Appellant") agreed to sell to Western Equities, Inc. ("Western") "ten insured first mortgages and notes having a face value of $1,250,000 in exchange for $1,000,000 worth of Western's common stock". The Appellee, Carpenter (the "Appellee"), is the trustee of Western. Western's offer was expressly subject to "verification by Union Title Company that the ten first mortgages * * * are valid first mortgages." On March 30, 1962, the parties opened an escrow account with Union Title Company. The Appellant never deposited the proper mortgage instruments into escrow, instead it deposited ten mortgages with heavy encumbrances. The Appellant's goal was to sell the Western's stock to clear title to the mortgages. The Appellant could not have performed otherwise. However, Western refused to deposit the stock in escrow. The district court granted the Appellee summary judgment.
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