Texaco Puerto Rico, Inc. v. Secretary of the Treasury

On July 2, 1947 the Secretary of the Navy, in representation of the United States of America, leased to several petroleum companies, among them appellant Texaco Puerto Rico, Inc., a parcel of land of approximately 190 cuerdas, its facilities and improvements including a pier known as the Cataño terminal or station, which was engaged in fuel storage.1 A 20 year term of the contract was agreed, renewable *66for 10 additional years, subject to the condition that'the contract could be terminated at any time that the Secretary of the Navy determined that such action was necessary in the interest of…