Marney v. Home Royalty Ass'n. of Oklahoma

OPINION OF THE COURT

WATSON, J.

Appellee executed to the trustees of the Home Royalty Association of Oklahoma, a common-law trust, a conveyance of an undivided one-half interest in all the oil and other minerals in and under 820 acres of land, with the right to explore for, mine, and operate the same for twenty-one years, and as much longer as production should continue. As the consideration therefor he received from the trustees a contract amounting to a certificate of participation in the assets and profits of the trust estate. This contract provided that, for the purpose only of determining…