Security Trust & Savings Bank v. Southern Pacific Railroad

The defendants have appealed from an order denying their motion to modify a decree of specific performance, of a contract to purchase real property so as to require a limitation of time within which the respondent may tender the purchase price of the land.

In 1885 the Atlantic and Pacific Fibre Importing and Manufacturing Company, Ltd., of London, contracted to purchase from the Southern Pacific Railroad Company 50,000 acres of unpatented railroad land at the price of $1 an acre. In 1903, assuming that the grantor was unable to convey title to 1760 designated acres of that land, the parties to…