Tremont Lumber Co. v. Peavy

In August, 1919, the Winn Parish Lumber Company acquired certain lands and standing timber from William Edenborn, for which it paid $200,000 cash, gave its notes, secured by vendor’s lien and mortgage, for $541,700, and assumed the payment of five-twelfths of the taxes due on the property for the year 1919. In this transaction the timber involved was valued at $6.50 per thousand feet.

In the month of October of the same year, Frank P. Leffingwell, active vice president of the Tremont'Lumber Company, in order to acquire for his company in the most expedient way the said lands and timber, pur-,…