Hauser v. Catlett

On September 19, 1925, there was executed a declaration of trust whereby the Greer Investment Company transferred and assigned to F. H. Greer, L. L. Greer, and J. A. Ruffer, trustees, the sum of $5,000 in trust, with power to invest the trust funds for the operation of the business and owning, buying, selling, and acquiring oil and gas royalties, developed and undeveloped. The trust was designated as the Petroleum Royalties Company. The trust was then capitalized in the sum of $2,000,000; the shares divided into 1,000,000 preferred of the par value of $1.00 and 1,000,000 common shares of the…