Young v. Mayfield

Prior to June 24, 1953 Lichlyter and Barbre were engaged in the development of an oil and gas lease in Seminole County. On that date, to secure the dismissal with prejudice of an action brought against them by Marshall, Buchanan and Morris, who were seeking to establish a mining partnership with them in the development of the lease, Lichlyter and Barbre executed and delivered two assignments to James L. Young, Trustee, on behalf of Marshall, Buchanan and Morris, One of the assignments was $5,000 of the money held by the oil run purchaser as credit for oil already purchased from the lease. The…