Security Trust & Savings Bank v. Southern Pacific Railroad

THE COURT.

This is a suit against defendant Southern Pacific Railroad Company, the vendor under a contract for the sale of real property, to rescind an agreement of cancellation of part of said contract. Plaintiff bank sues as trustee for Atlantic and' Pacific Fibre Company, the purchaser. The property involved is part of a federal land grant to defendant, and the essential facts necessary to an understanding of the controversy are as follows: On July 27, 1866, Congress made a grant of lands to Southern Pacific Railroad Company for the construction of a railroad, and thereafter the company…