Phillips Petroleum Co. v. Oldland

MURRAH, Circuit Judge.

This is an appeal from a judgment of the District Court of Colorado on our mandate in Oldland v. Gray, 10 Cir., 179 F.2d 408.

In reversing the former judgment, we held that the 1926 assignment of the original prospecting permit created a trust relationship between the Oldlands as assignors and McLaughlin as assignee; that such relationship was not extinguished by subsequent mutations, and was binding upon all the parties in the chain of title; and that “in equity and good conscience the appellants are entitled to an overriding *781royalty of 4 per cent, of the oil and 7j4 per…