Smith v. Patterson

Opinion of the Court by

Turner, Commissioner

Affirming.

In August, 1920, during the oil excitement in Warren county, about fifty odd persons, including appellants and appellees, entered into what they called a trust agreement, whereby they created the Gf. E. Townsend Oil & Gas Syndicate, and as recited in the articles associated themselves together to carry on and conduct the buying and selling of real estate and of oil and gas, and mineral leases, and development and exploration of the same, together with other activities specified. The amount of the capital was fixed, and it was provided that…