Keaton v. Murphy

In 1919 C. H. Murphy executed an oil and gas lease to Trinity Petroleum Corporation, retaining a one-eighth royalty. Thereafter, the land covered by the lease, and other lands; were conveyed to the Murphy Land Company, a corporation, subject to the Trinity lease.

In December, 1921, R. A. Keaton and Samuel Sebersky, trustees, purchased a one-half interest in the one-eighth royalty held by the Murphy Land Company . . in and to all the oil and gas in, under and upon [40 acres of the land included in the Trinity lease], ’ ’ and the question presented by this appeal is,—

Did Keaton and Sebersky…