Iowa Park Producing & Refining Co. v. Seaboard Oil & Gas Co.

The Iowa Park Producing & Refining Company, the appellant, instituted this suit in the district court of Wichita county, Tex., against the appellee, the Seaboard Oil & Gas Company of Texas, for debt and to foreclose a vendor’s lien securing the payment thereof.

The appellant alleges that on or about June 5. 1923, it sold and conveyed to the Seaboard Oil & Gas Company, of Delaware, seven-eighths of the oil and gas on certain leases situated in Archer county, Tex., for a consideration of $525,000 to be paid as follows: $25,000 in cash; a series of notes aggregating the sum of $325,000; and the…