Watters

On September 29, 1925, the owners of certain real property in the city of Fresno made an executory contract of sale whereby they *224 agreed to sell to Henry Dermer, the bankrupt, the property in question for a price of $185,000', which sum, the buyer, Dermer, agreed to pay in annual installments, with interest, and, on completion of such payments as provided in the agreement, the owners, being the vendors named in the contract, agreed to execute to the buyer a deed conveying title to the premises. The agreement provided, among other things, that the vendee should be entitled to the possession of the premises so long as he complied with its terms; that on his default in making any of the specified payments when due the vendors might consider the contract immediately terminated, re-enter and take possession of the premises, and remove all persons therefrom, and all rights of the vendee under the contract should be terminated, or, upon such default of the vendee, they might take such other action as they might deem advisable. It was further provided that time was of the essence of the agreement.

Dermer, already in possession of the property through subtenants under a lease to him,…