Fisher
Bank of America Nat. Trust & Savings Ass'n v. Fisher
Opinion
Lead Opinion
Sawtelle, J.
In this proceeding, the receiver of the Lake View Oil & Refining Company sought the advice of the lower court regarding three contracts between that corporation and the appellee. The court had before it no eviden-tiary matter, and therefore was largely dependent upon the terms and provisions of the contracts themselves for guidance.
The court below interpreted the contracts as giving the appellee “an interest in the oil product,” and instructed the receiver “to act in accordance” with that interpretation. The court also entered an “order approving contracts with John H. Fisher, as modified,” the modifications reducing Fisher’s share of the net production of oil under two of the contracts from 100 per cent, until his investment is returned to 50 per cent. From that order, the present appeal was taken.
Except for an immaterial modification and additional paragraphs hereinafter discussed, the contracts are of the same general tenor. Exhibit A, being the contract entered into on November 9, 1928, reads in part as follows:
*54 “Second party [Fisher] shall on demand furnish to first party [the oil company] $25,-000 which said sum shall Be expended By first party for the purpose of…