Hurt v. Read

McCORD, Circuit Judge.

Charles Duncan Read owned 19,680 acres of land in Howard County, Texas. The land was divided into two ranches; the North Ranch consisting of 10,080 acres; the South Ranch consisting of 9,600 acres. The entire tract was encumbered with a mortgage for approximately $100,000. On April 1, 1927, Charles Duncan Read by deed conveyed the South Ranch to his three sons, H. Noble Read, Willard R. Read, and Norman H. Read. The consideration for the conveyance was recited as being love and affection and the assumption by the grantees of one-half the indebtedness against the 19,680…