Peavy-Byrnes Lumber Co. v. Long-Bell Lumber Co.

WALLER, Circuit Judge.

"flie facts in this case are fully stated in the opinion of the Court below in D.C., 55 F.Supp. 654.

The question presented is whether or not the purchaser of merchantable timber under a written contract is liable for the ad valorem taxes that accrued during the period between the date of the making and the date of the permissive cancellation of the contract.

Under the contract the purchaser had the following privileges: (1) To cut and pay for the timber at the agreed stumpage price of $5.00 per thousand feet for timber cut on or before August 31, 1934, and $6^)0 per…