First Nat. Bank & Trust Co. v. Lincoln Power Corp.

WALLACE, District Judge.

This case has been submitted upon a Stipulation of Facts. The sole issue is the relative priority of tax assessments made by the Oklahoma Tax Commission in 1951 and 1952 and a Trust Indenture executed in 1934.

The Stipulation of Facts provides in part:

“1. Prior to December 31, 1949, Lincoln Power Corporation owned and operated a steam power plant located near Howe, in LeFlore County, Oklahoma. Said plant was used *342to generate electricity, which was sold to another public utility company. On December 31, 1949, said plant was shut down, and has not been operated since said…