Lyle Cashion Co. v. McKendrick

STRUM, Circuit Judge.

Lyle Cashion Company, plaintiff below, appellant here, instituted this suit seeking a declaratory judgment against Charles S. McKendrick, defendant below, interpreting a contract between these parties dated April 29, 1950, relating to the acquisition and development of oil leases in Mississippi.

Plaintiff sought a decree below declaring that McKendrick had no interest in certain oil leases acquired by the plaintiff subsequent to said contract, because McKen-drick failed to exercise his option to acquire such interest within the time fixed by the contract. The trial court…