Show COMPANY TO 10 TEST SALE CONTRACT BENEFICIARIES SEEK TO COPEL COMPEL COMPEL COM COM- PEL TRUSTEE TO ACCEPT DEALS i iThe The affairs of the Western Land I and Development company now dissolved dissolved dis dis- solved involving land and water water- j rights in Millard 1 county of the potential value of came before before be be- fore foro Judge Tillman D. D Johnson of I the federal court Tuesday corporation und under under- the Delaware laws spent large sums suma of money getting water to Carey act aci projects and entered into a trust agre agreement ment with a selling and colonizing colonizing colonizing colon colon- izing organization The Columbia Trust company of Salt Lake being trustee Later the company dissolved ed and its affairs were assigned to trustees who in turn assigned rights held heM for the original stockholders to John G. G Dater of New York W. W M. M Lenz W. W H. H DeWolf and I. I M. M Von as beneficiaries of tho trust are the selling agents They have submitted certain sales contracts contracts contracts con con- tracts to the Columbia Trust company company company com com- pany for approval T The e minimum sale price for the land I involved according according according ac ac- cording to the agreement is 55 wh while le the sales contracts call for a irice of 65 Mr l Dater warned the Columbia Trust company not to honor the sales contracts and to declare the beneficiaries in defa default lt of the agree agree- ment He contends that they are selling salling the improved land of an experiment ex ex- experiment farm and the heart of th the projects for a small fraction of the value of the land and that such sales will make malee it impossible to realize the average price of 55 for tor all the lancHe land lan He threatens to hold the trust company company company com com- pany responsible The beneficiaries contend that taU failure re of of the trust company to honor hon hon- or the contracts has ruined their sale prospects prospect and made mado it impossible for them to moot meet agreements or pay taxes according to the agreement I It likewise threatens the trust company com company company com com- pany with suit BUIt for damages if It the company fails falls to honor the sales con contracts tracts Counsel for the trust company Is the court to construe the terms of the contract and advise it whether to accept the sales sale contract contractor or or r declare tho the beneficiaries in de de- fault In the tho meantime tho the projects except ex ex- except O pt a relatively small part are going going go go- ing back to the original desert condition con condition con con- it is contended J a O 0 |