Byers Transportation Co. v. Fourth National Bank & Trust Co.

MURRAH, Chief Judge.

This is an appeal from a judgment of the trial court in an interpleader action awarding appellees-Rickmans the escrow deposit of appellant-Byers Transportation Company as liquidated damages for failure of Byers to comply with a contract between the parties.

The contract provided for Byers to acquire control of Freight Ways, Inc., a common carrier of freight, through the purchase of capital stock owned by the Rickmans and the merger of their operating rights and property. Consummation of the sale was necessarily and expressly contingent upon the approval of the Interstate…