State ex rel. Washington Phosphate & Silver Co. v. State Board of Land Commissioners

January 23, 1923, M. J. Grady, acting for himself and others, bought from the state of Montana 607.6 acres of school land located in Granite county. The purchase price was $6,076, fifteen per cent, payable in cash and the balance in twenty equal annual installments, with interest on the deferred payments at the rate of five per cent, per annum. The certificate of purchase was issued to Grady in due course and was by him thereafter assigned to the relator, a corporation of the state of Washington. Prior to June 7, 1940, the contract having been in effect over seventeen years, relator had paid…