Property Law Keyed to Cribbet
Union Bond & Trust Co. v. Blue Creek Redwood Co
In this federal diversity jurisdiction case, the Plaintiffs, vendees of an installment contract for the purchase of timberlands from Defendant, vendor, for the price of $750,000.00, filed suit for a declaratory judgment and for specific performance. The Plaintiffs paid $585,000.00 toward the purchase, but had defaulted on the terms of payment for more than 60 days. The Defendant had notified the Plaintiffs of the default and then notified Plaintiffs that the contract was cancelled. The contract provided that in the event vendee should continue default for more than 60 days after written demand by the vendor for performance, the vendor was entitled to resume possession of the property, retain all payments and cancel the contract, which provided that time was of the essence.
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