Keville v. Hollister Co.

Opinion

FLEMING, J.

The Hollister Estate Company, a California corporation (Estate), owned the Hollister Ranch in Santa Barbara County. In July 1962 Estate conveyed to plaintiffs and others (all shareholders in Estate) as tenants in common a 50 percent undivided interest “in any and all minerals in, upon or under, and any and all mineral rights in and to” the Hollister Ranch. Estate, however, reserved for itself, its successors and assigns, “. . . the sole and exclusive right and power to enter into and execute leases and agreements for the purpose of prospecting, exploring and mining for…