OCR Text |
Show ?0rl3l!' fait LukeClty, ui;-- mESlTY0 Pnr mnMMmiom h LlB4 toHti 71973 QROqj SALT LAKE CITY, UTAH VOLUME 17, NUMBER 50 Salt Lake City Brokerage Firms Battle Crisis Utah Supreme Court Decision Capsule Quiet Title Action MINING CLAIM SURFACE RIGHTS NOT INCLUDED IN UNRECORDED REAL ESTATE CONTRACT WILFORD M. BURTON, TRUSTEE Plaintiff and Respondent, v. U.S.A., INVOLUNTARY PLAINTIFF1" Respondent and Defendant v. WILLARD ROGERS, ARLENE ROGERS, His Wife, WILLARD D. ROGERS, JR., Defendants and Appellants Trial Court: Judgment for plaintiff and against defendants on counterclaim. Supreme Court: Af Armed. 1) Distinction between reservation and an exception . . . Johnson v. Peck. 2)An exception excludes from the grant the property or estate therein described. If a conveyance contains a reservation, the entire property or estate described passes to the grantee, subject to the right, estate, or easement reserved. The reservation creates a new right issuing out of the property granted, which did not exist as an independent right before the grant." Chief Justice E. R. Callister Jr. wrote the majority opinion. Plaintiff counsel: Elliott Lee Pratt 351 South State Defendant counsel: Robert C. Cummings 320 South 3 East See detalla page 4. TITLE TIPS Prepared by the Legal Staff af Title Insurance and Trust Company TRANSFERS OF OIL AND GAS RIGHTS by Stanley Kandel Associate Counsel Real property includes not only the surface of the groind but also everything permanently found beneath or above it. See Civil Code Scs. 829. and 659. Thus, the owner of land owns all solid minerals in place coal. lloW the. surface minerals and the like. While they are in place, they are real property and pass with a conveyance of the lands without specific mention. Civil Code Sec. 659 and see also Taylor vs. Continental Southern Corp., (1955) 131 CA2d 267. . .. chaser thereby defeating tne grantors rights since no notice is given of the reservation. In addition, the grantors interest may be defeated once the deed has been delivered under the doctrine of "merger. Such doctrine provides that upon delivery of the deed all conditions not provided fra: in the deed and not intended to survive ee IfP8- often he Very grantor has entered . feaae resen'1"8 a an 0,1 and in the oil produced. royalty interest Conveyance of the land without express reservation would convey the rights under such lease. However, the lease may be a community oil lease containing pooling agreement in which each lessor assigns to his a co-less- or that the owner of property has the sole and exclusive right to drill for oil and gas as a property right See Caffroy vs. Fremlin, ( 1961) 198CA2d 176. The land owner has no title to oil and gas beneath the surface until the substances are transferred into personal property by severing them from the soil and reducing them to possession. Conveyance of the fee transfers all drilling rights and the right to enter the property in a reasonable manner to extract such minerals without express mention, see Brown vs. Copp, (1951) 105 CA2d 1, unless, of course, they have been conveyed previously and the grantee has notice of the prior transfer. produced on his land thus giving the lessor a royalty interest in oil produced upon the property of his A grant of property with a community oil lease conveys the royalties realized from oil produced on his land but not from property of without a specific his transfer of that interest. See Tanner vs. Title Insurance & Trust Com- pany, 20 Cal2d 814, 820. To protect himself, therefore, a grantee must ' examine the lease in order to determine whether a specific transfer of the lease need be made. r. rs UJS. Where a contract for sale or escrow; instructions specifically reserve the oil and mineral rights to the grantor it is important that such reservation be contained in the deed. If omitted from the deed, th; grantee may now deed the oil and mineral rights to a bona fide pur- - By Daniel K. Cunningham Daily Record Columnist SALT LAKE CITY--shakeout" is underway among local over-th- e counter trading firms-a- nd only the fittest will survive. The battle for survival has been triggered by low volume and recent ac- than low volume and SEC regulation-the- ir own salesmen. "Ive heard that a couple of salesmen may have ripped off their employers for good sums of money, he said. The Utah securities regulatory agency also received national publicity tions by this Utah Securities and Ex-- I last week when it began a formal inchange Commission vestigation of commodities trading in to force the equity the state, citing particular worry market to tighten about "double auctions." Fear Law Suits operating procedures. It is feared that several law suits is may arise because some houses are "Volume really down," con- reluctant to pay profits to option firmed Angie buyers. One Salt Lake resident reportedly McKinnon of Olsen-Harri- s & Co., has $14,000 worth of paper proAts one of the companies which is Cunningham pec ted to survive the current problems will be com8'Co. and panies like Olsen-Harrshe said, "which are customer-orientehouses rather than out to merely make a lot of money for themselves." The plight of the local market was Phlladelphla, Pa. A definitive reflected in the recent decision of was reached under agreement Equidyne to liquidate its assets rather which Airborne Freight Corp. will than go bankrupt. One customer of lie by International Utilthat brokerage Arm said he picked up itiesacquired Corp. The pact calls for the his securities last week and was exchange of 0.57 shares of Interrelieved to note the operation was national Utilities common for each very orderly.. . .Some of the other of Airborne's '2.7 million outstandhouses folded up in the past when ing shares, and also a unit of concustomers staged a run for their tingent Interest of up to 0.03 of a securities." share. Reduce Staffs Combustion Stamford, Conn. Equidyne was one of the larger houses in town, boasting of more than Engineering, Inc. said It received a $12 million order from South8,000 accounts last summer. The company also advertised heavily and was western Public Service Co. of Amarillo, Tex., for a aggressive in seeking neW business. steam generating unit. The One industry observer (paid that other brokerage firms have subunit Is designed to burn either stantially reduced their staffs. pulverized coal, natural gas, oil or I have quite a few friends in the pulverized waste. business," one investor commented. When I stopped at one brokerage Denver Forest Oil Corp. said house I asked where some o the Its wholly owned subsidiary, Flame-Foresalesmen were. One was now with Land and Marine Sears, another was selling shoes. And Exploration, has executed a $15 others were still out of work. None of million exploration agreement with a foreign Investor. them have wound up in bank trust departments that I know of." New York E. J. Korvettes, a Employee Rip Off The investor also claimed to have division of Arlen Realty A Develheard reports that some brokerage firopment Corp., ordered 1,500 National Cash Register 280 ms had experienced problems other Retail Terminals worth $6 million. The order will involve a two-yeInstallation program, in 20 Korvettes stores in the New York area. A is Wilson-Davis-6'Co- ., d 350-megaw- att st Point-Of-Sa- Timothy Leary Jail Treatment SAN LUIS OBISPO, CALIF. A judge has agreed to (UPI) Timothy Leary's request for a more powerful lightbulb in his jail cell but refused to move the drug advocate back into the general populace of the California Mens Colony here. Leary, who was recently returned to the medium security prison after a three-yea- r flight, complained all he had in his small cell to read by was a bulb, He said he could not understand 25-wa- tt . why he was being punished by being placed in an isolated area of the prison when men more violent than himself were allowed to live in the general prison population, Treasury Balance from commodity trading-howev- er the firm he dealt with wants to cancel the contracts and only pay back the premiums. Brokerage houses will not see an end to the crisis for some time, as volume and prices are down substantially and will probably continue to be so at least through the summer. Good Buys Now Every year the local OTC market plummets in late spring, then stays down until autumn, when money starts to flow into the equity market, driving prices back up. There are a lot of good buys right now, for those who have the money," one account executive stated. "The ones who buy new, are the ones who make money come fail." Rockwell Pittsburgh Interna-:Ion- al announced Its entry Into the lutomotive aftermarket with portable and stationary electric and air tools. v General Electric Washington Co. has filed a protest with the Atomic Energy Commission against its environmental statement on light water reactor efflu- ents. GE engineers said the statement would harm the nations efforts to solve the energy shortage by perpetuating vague and unrealistic standards for licensing new nuclear power plants and would force unnecessarily large expenditures for plant sites. Dallas Sabine Royalty Corp has bought a working Interest in the Rangely Oil Field In Rio Blanc County, Colorado, for $2.7 million cash. The field contains 313 active wells. Chevron Oil Co., a subsidiary of Standard Oil Co. of California, operates the field. Los Angeles Whittaker Corp. said its Berwick Forge Division at Berwick, Pa., has obtained a contract to build 1,000 freight cars for the Chesapeake & Ohio Railroad for $10 million. Combustion Stamford, Conn. Engineering, Inc., has won a $12 million order from Southwestern Public Service Co. of Amarillo, steam Texas, for a generating plant to burn coal, gas, oil or pulverized waste. The steam unit will be built at Chattanooga. 350-megaw- New York Delehanty Institute said it will franchise a number of schools to train automotive service mechanics and specialists. It is expected to open 150 franchised schools eventually. Delehanty presently operates a large school' for automotive service specialists at Long Island City, N.Y. . Mobile Waste Louisville, Ky. Controls Inc. said It is discussing a possible merger into SGA Services Inc. of Boston. Both companies are in the solid waste management business. On Monday, Dean L. Buntrock, president of Waste Management Inc. of Oak Brook, I1L, said an agreement in principle to merge Mobile Waste into Waste Management was terminated by Waste Managements directors. . Baltimore Reliable Stores Corp. said it agreed to buy all stock in Ball Brothers Furniture Co., along' with the property on which the stores and warehouses are located, for an undisclosed cash settlement. The deal Is slated for completion April 1. le ar Complains of . Business And Finance ex-M- r. Withdrawals and deposits in Treasury Washington (UPI) accounts for the fiscal year through March 5 compared to a year ago : This Year LattYear Withdrawals $182, 418, 133,069.25 $106,785,024,208.40 161,875,064,560.20 141,398,899,898.26 Deposits Cash Balance 11,302,137,008.52 670,256, 942.41 Public Debt 45265,377,119.58 425,972,09810.01 Internal Revenue collections on March 5 were $823,478,528.40. 1 THURSDAY, MARCH 15, 1973 Los Angeles The assets of Schuss Wholesale Grocery CO. of Portland, Ore., will be acquired by S. E. Rykoff & Co., Roger W. Coleman, president of 8. E. Rykoff said. Subject to final agreements Scbuss will become a division of Rykoff under its present management. Kansas City, Mo. ERO Oorp. and Midwest Life Insurance Co. said they reached an agreement in principle to merge. The proposed terms call for the Issuance of one share of ER. common for each share of Midwest Life, with provisions for certain contingencies. The deal is valued at about $16.3 million. New York Baker Laboratories Inc. of. East Troy, Wise., has bought Squibb Corps Beech-NBaby Food business for an unrevealed sum, Squibb said. Baker will operate the concern as a wholly-owneunit to be called ut d Baker-Beech-N- ut In 1971, Corp. had sales totaling about $69 million. bevSquibb sold its Beech-Nerage operations to a British concern for about $55 million last December, Dallas Ward Cut-RaDrug said a previously agreed-t- o merger plan under which 0.61 sharea nf Jack Ekerd Corp. common shares wonld be exchanged for each share of Ward has been revised to a ratio of 0.50 Eckerd shares per share of Ward common. The new exchange ratio will be written into the agreement shortly. Ward said. Beverly Hills, Calif. An acquisition of Peck it Peck Inc. by Brooks Industries Inc. was approved by tho respective boards, the two companies announced. Beech-Nu- t ut te |