Long Beach Dock & Terminal Co. v. Pacific Dock & Terminal Co.

This was a suit by Pacific Dock & Terminal Company, a Delaware corporation (hereafter called the Pacific Company), against Los Angeles Dock & Terminal Company, a California corporation (hereafter called the Los Angeles Company), and Pacific-Southwest Trust & Savings Bank, a California corporation (hereafter called the bank), in the District Court for Southern California. The District Court entered a decree in the case on August 16, 1930. On May 25, 1931, we reversed that decree and remanded the case for further proceedings not inconsistent with our opinion. Pacific Dock & Terminal Co. v. Los Angeles Dock & Terminal Co., 9 Cir., 50 F.2d 557, 567 .

In that opinion, we construed an option agreement between the Los Angeles Company and the Pacific Company’s assignor, D. M. Reynolds, whereby the Los Angeles Company had granted Reynolds an option to purchase from it 220 acres of land in the Long Beach Harbor district in Los Angeles County, California, and Reynolds had agreed to construct a blast furnace on or adjacent to said land on or before July 8, 1927. We found that the option had been exercised, but that the blast furnace had not been constructed. We also construed a trust…