Guaranty Bank & Trust Co. v. Ward Lumber Co.

On September 14, 1918, under an agreement styled “Contract of Lease and Conditional Sale,” the Rapides Land Company and the Edward W. Stiles Land Company sold to the Ward Lumber Company for a consideration approximating $400,000. payable as stipulated, the timber on several thousand acres of land situated in the parish of Rapides. The purchaser operated under the contract until August 16, 1923, when, at the suit of one of its creditors, it was placed in the hands of receivers. The receivers obtained permission of the court to continue the business of the company and to take over and carry out…