Vanadium Corp. v. Fidelity & Deposit Co.
United States Court of Appeals for the Second Circuit
159 F.2d 105 (2d Cir. 1947)
The case involved two tracts of land held as mining leases by Redington (defendant), Wade, and Curran. Redington and Vanadium Corp. (Vanadium) (plaintiff) entered into a contract whereby Redington assigned to Vanadium his interest in the two leases, subject to approval by the Secretary of Interior. The contract provided that if the assignments were not approved, the agreement would be cancelled and Redington would refund the purchase price. Redington apparently failed to provide assurances to the Department of the Interior that it intended to cooperate with Wade and Curran in operating the leaseholds, and the Department eventually declined to approve the assignments. Vanadium brought suit to recover the purchase price. Redington was the principle on the bond issued by Fidelity & Deposit. The jury found for Redington. Vanadium appealed.
Rule of Law
Holding and Reasoning (Clark, J.)
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