MONROE STREET PROPERTIES, INC. V. CARPENTER
407 F.2d 379 (9th Cir. 1969)
NATURE OF THE CASE: This was an action for a breach of contract. Monroe (P), seller,
challenged an order, which granted summary judgment in favor of Carpenter (D), buyer, in P's
action for breach of contract.
FACTS: Carpenter (D), the trustee for Western Equities (D), offered to buy a number of
first mortgages from Monroe Street Properties, Inc. (P) with shares of D's stock. D was to
have its stock placed on the American Stock Exchange. Once D's stock was listed, P was to
put the mortgages into escrow and obtain title insurance policies. P could not obtain the
policies because the properties were subject to prior encumbrances. P could not pay off the
prior encumbrances until D performed. P needed to pledge the D stock as collateral for a
loan to pay off the prior encumbrances. P sued for breach of contract because D did not
place its stock in escrow. D moved for a summary judgment; its performance was not due until
P put the mortgages and title policies in escrow. D won its motion and P appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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