AI Structured Summary
Not yet generated for this judgment
Judgment
We are of opinion that the time was not of the essence of the stipulation that the bonds and decree should be transferred to the 1st plaintiff. We
do not think that the mere fact that the first defendant was either to transfer the bonds, etc., in two months or pay the amounts due under them;
shows that time was the essence of the contract. The cases to which we have been referred are cases of mercantile contracts in which prima facie
time is of the essence of the contract. If the first defendant has, in fact, executed and produced in Court the necessary transfers as he alleges, we
think the transfer should be accepted.
We, therefore, reverse the order of the district Judge and remand the petition for disposal according to law. Costs will abide the event.