Green Ditch Water Company v. Salt Lake

HENRIOD, Chief Justice, and CALLISTER, Justice: Appeal from a judgment dismissing plaintiff's complaint. Affirmed, with no costs awarded. Plaintiff was and is a mutual water company, incorporated in 1915 to distribute its decreed water under the so-called Morse Decree 1 to its shareholders. In 1916 the Secretary of State forfeited plaintiff's charter for nonpayment of franchise taxes. In 1920, most of the shareholders, as owners of the beneficial use 2 of the decreed Green Ditch Water Company's rights, themselves made an 'Offer of Exchange of Water Rights' to defendant City. This ripened into a binding contract upon the latter's acceptance and execution of the terms thereof. This agreement and its interpretation, along with the history of its execution are pertinent to this litigation.