Reynolds v. Maples

RUSSELL, Circuit Judge.

On May 4, 1951, for and in consideration of $1,000 cash in hand paid, Florian Maples granted to L. O. Murphy and C. B. Cameron a 24 day option to purchase certain described timber, agreeing to execute and deliver a warranty deed covering the timber to the Commercial National Bank, Laurel, Mississippi, “if and when the additional sum of $199,000.00, is deposited in said bank by the said L. O. Murphy and C. B. Cameron, on or before May 28, 1951.” 1

Murphy and Cameron went to the bank shortly after it opened on May 28th and displayed the contract to its president, Maddox,…