Whitt v. Ky. Oil Producing Co., Inc.

Opinion of the Court by

Commissioner Sandidge

Reversing.

Appellee, Kentucky Oil Producing Company, is a ■Delaware corporation. It was organized in the year 1925. C. W. Owen was its president, and his brother, Fred Owen, was its treasurer. They and its other stockholders were residents of New York. About January 1, 1926, the corporation purchased the Davenport lease in Allen county, Ky. Under an arrangement satisfactory to the officials of the corporation, and for the reason that it was thought that this and other deals it might desire to make could he made cheaper, if it he not disclosed that a…