Franklin v. Margay Oil Corp.

1944 OK 316, 153 P.2d 486, 194 Okla. 519, 1944 Okla. LEXIS 521
CourtSupreme Court of Oklahoma
DecidedNovember 21, 1944
DocketNo. 31861.
StatusPublished
Cited by69 cases

This text of 1944 OK 316 (Franklin v. Margay Oil Corp.) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Franklin v. Margay Oil Corp., 1944 OK 316, 153 P.2d 486, 194 Okla. 519, 1944 Okla. LEXIS 521 (Okla. 1944).

Opinion

RILEY, J.

This is an action commenced in the district court of Cleveland county by Margay Oil Corporation against E. V. Dennis and Ella Stanley Holliday, trustees of the estate of J. R. Holliday, deceased, Ella Stanley Hol-liday, individually, Vivian Ada Franklin, Prentiss O. Franklin, her husband, Vera Ellen Franklin, a minor, and the unknown and unborn issue of Vivian Ada Franklin. The action is to quiet title to two oil and gas leases and determine the validity, effect, continuity, and duration of said oil and gas leases owned by Margay Oil Corporation covering 54.60 acres of land in Cleveland county, Okla. One of the leases, dated June 8, 1943, was executed by E. V. Dennis and Ella Stanley Holliday as the trustees of the estate of J. R. Holliday, deceased, under a trust created by the will of said J. R. Holliday, to C. C. Guyer and assigned by him to Margay Oil Corporation. The other lease, dated the same day, covering the same land to the same lessee, was executed by Vivian Ada Franklin and Ella Stanley Holliday, the daughter and widow, respectively, of J. R. Holliday, deceased. That lease was also assigned to Margay Oil Corporation. Prentice O. Franklin is the husband of Vivian Ada Franklin. Vera Ellen Franklin is the daughter and only child of Vivian Ada Franklin. The oil and gas leases are the usual Producers 88 form containing the now customary “regulation clause”. They run for five years from their date and as long thereafter as oil or gas, or1 either of them, are produced from the land, and provide the usual and customary one-eighth royalty. The tract of land covered by the lease is:

“West 54.60 acres of the Northwest Quarter (NW14) Section 28, Township, 10 N., Range 3 W. and containing 54.60 acres, more or less.”

J. R. Holliday died testate on- or about the 7th day of August, 1941. At the time of his death, he was a resident of Oklahoma county, Okla. His will was duly admitted to probate in said county.

Insofar as is material here, the will provides:

*521 “I hereby give, devise and bequeath all of my property, real and personal of every kind and wherever situated, whether vested or contingent at the time of my death unto my executors and trustees, hereinafter named and to their heirs and assigns, forever.
“In trust, nevertheless, as follows:
“I direct that my wife, Ella Stanley Holliday during her lifetime shall have the use of a home, together with the proper furnishings therefor from my estate.
“I further will and direct that all the rest, residue and remainder of my property shall be consolidated into a permanent fund to be safely and conservatively invested in bonds secured by mortgage upon real estate, or in such other first-class securities as to my executors and trustees may seem best; and such investments are to be made so as to yield a regular interest and income which shall be paid out, expended, and divided by my said executors and trustees as heinafter more particularly set forth. I hereby also authorize and empower my said executors and trustees, or the survivor or successor of them to hypothecate, bargain, sell and dispose of any lands, tenements, or property, real or personal, whereof I may be seized at the time of my death, or which they may be possessed as my executors and trustees, and upon any such sale thereof to execute, acknowledge and deliver all necessary and proper deeds or instruments of conveyance in the law for the vesting in the purchaser or purchasers the title thereof in fee. And I also authorize and empower my said executors and trustees from time to time, in their discretion, to receive or call for the payment of, and to sell and deliver and to make any necessary assignments or transfers of any and all of the property or securities in or upon which the s»id money or fund, or any part thereof, shall be invested, and the same again to reinvest or convert into other securities.
“I further direct that all the profits, interest and income of the said fund and property, as the same shall be received by my said executors and trustees, after deducting their expenses, commissions and disbursements, shall during the life of my wife, Ella Stanley Holliday, be paid by my executors and trustees to my said wife, Ella Stanley Holliday, and I further direct that if in the discretion of my said executors and trustees such income is not sufficient for the support of my wife that they give to her from the principal of my estate such sums as they deem necessary; upon the death of my wife, Ella Stanley Holliday or upon my own death if I shall survive my wife, I direct that all the profits, interest and income of said fund and property as the same shall be received by my said executors and trustees shall, during the life of my daughter, Vivian Ada Franklin, be paid by my executors and trustees to my said daughter Vivian Ada Franklin, with discretionary power in my said executors and trustees to give to my said daughter, Vivian Ada Franklin, from the principal of my said estate all or any part they deem expedient. ,
“I further direct that at the death of my daughter, Vivian Ada Franklin, the remainder of my estate, if any there be, go to the issue of my daughter, Vivian Ada Franklin.
“I hereby nominate, designate and appoint my «wife. Ella Stanley Holli-day and E. V. Dennis as executors and trustees of this my Last Will and Testament; stipulating that the said executors and trustees qualify and serve without giving bond or security whatsoever.”

Final decree of distribution was entered in the county court of Oklahoma county distributing the land involved, together with other land, to Ella Stanley Holliday and E. V. Derlnis, as trustees, in trust, however, as provided in the will, setting out substantially the trust provisions of the will.

The petition of plaintiff, Margay Oil Corporation, hereinafter referred to as Margay, contains two causes of action. The first cause of action is to quiet title to the oi1. gas. and mineral rights purporting to be granted by said leases. The petition alleges the appointment and qualification of E. V. Dennis and Ella Stanley Holliday as the trustees of the estate of J. R. Holliday, deceased; that *522 the individual defendant Ella Stanley Holliday is the widow of said deceased and one of the beneficiaries named in the will; that defendant Vivian Ada Franklin is the daughter of J. R. Holliday, deceased, and also is one of the principal beneficiaries under the will, and that defendant Prentiss O. Franklin is her husband; that defendant Vera Ellen Franklin is the. minor daughter of Vivian Ada Franklin and is a member of and representative of the class referred to in the petition and will as “the issue of Vivian Ada Franklin.” Petition further alleges that the defendants above named except Vivian Ada Franklin and Vera Ellen Franklin and Prentiss O. Franklin are residents of the State of Oklahoma, and that the three defendants last named are nonresidents of said state and that they and the unknown and unborn issue of Vivian Ada Franklin may be served by publication as provided by law. The petition then alleges present possession of the premises for oil, gas, and mineral purposes under the leases mentioned. .Copies of the leases and assignments thereof are attached to and made a part of the petition.

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Bluebook (online)
1944 OK 316, 153 P.2d 486, 194 Okla. 519, 1944 Okla. LEXIS 521, Counsel Stack Legal Research, https://law.counselstack.com/opinion/franklin-v-margay-oil-corp-okla-1944.