Tuten v. Morgan

On March 15, 1923, the physical property and franchises of a railway company were put up and exposed for sale as a going concern by the receiver under an order of court passed in receivership proceedings. Tuten submitted an offer to purchase the property at the price of $50,001. Payments of the purchase-money were to be made as follows: $5000 in cash on acceptance of this offer. The bidder was to be allowed until 12 o’clock noon of April 2, 1923, to determine whether or not he found himself able to carry out the purchase, and to notify the court of his decision. If he notified the court on or…