Does a failure to exercise an option to close an escrow period terminate an option?
federal, United States of America
The following excerpt is from In Re Santa Fe Development Etc., 16 BR 165 (B.A.P. 9th Cir. 1981):
The appellee claims that under California law the failure to exercise an option by the last day to do so terminates the option. See Simons v. Young, 93 Cal.App.3d 170, 155 Cal.Rptr. 460 (1979). Citing Good Hope Refineries, Inc. v. Benavides, 602 F.2d 998 (1st Cir. 1979)) Cert. denied, 444 U.S. 992, 100 S.Ct. 523, 62 L.Ed.2d 421 (1979). Appellee states that the filing of the within bankruptcy did not act to stay the running of the escrow period.
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