Libby v. National Sewer Pipe Co.

This is an action in equity, for an accounting and to recover the minimum of royalties or rentals alleged to be due appellants from appellee, a corporation organized and doing business at Webster City, Iowa, for the manufacture of sewer and drain tile, upon a written lease executed July 1, 1912. The execution of the lease and the removal of large quantities of clay from the demised premises, a 40-acre tract in Hamilton County, are admitted by appellee. The lease, which is for 99 years, with a provision for its termination by notice at the expiration of 10 years, granted to appellee “the coal,…