Sage Technology, Inc. v. NationsBank N.A. South

McMurray, Presiding Judge.

On July 8, 1996, NationsBank N.A. South (“NationsBank”) contracted to sell Sage Technology, Inc. (“Sage”) two parcels of realty for $1.8 million. The parties’ sales contract (“the Agreement”) called for the deal to close on or before August 1, 1996, “unless the parties mutually agree in writing upon another place, time, or date.” Paragraph 3.1 of the Agreement required Sage to make a $50,000 earnest money deposit with an escrow agent, which supplemented Sage’s earlier $50,000 earnest money deposit, no “later than 4:00 p.m. on July 8, 1996, [and provided NationsBank…