British-American Oil Producing Co. v. Baltimore Trust Co.

This case turns upon the interpretation of a contract of December 30, 1929 whereby the Interocean Oil Company agreed to sell to the British American Oil Producing Company certain oil producing property for the sum of $900,000. The seller agreed to pay the obligations of itself and certain predecessors in title, and to discharge and free the property from liens. It was agreed that the parties should cause to be deposited in a bank, together with a copy of the contract, the sum of $75,000 out of the total money consideration, the sum deposited to remain in escrow for a period of ninety days as…