Outram v. Paintsville National Bank

Opinion of the ’Court by

Commissioner Tinsley—

Affirming.

Charles Greenfield and others were the owners of an oil lease in Magoffin county, Ky., known as the W. B. Bailey lease, and were carrying on the work of development thereof under the -name of Warrick Petroleum Company. In August, 1920, the interested parties entered into a written agreement under which the further development and operation of the lease was to be carried on, and for this purpose the appellant was designated , therein as “trustee,” and was given the management and control of the property, and its further development…