Opinion ID: 168824
Heading Depth: 3
Heading Rank: 2

Heading: The Rankin Farmout: Tract 3

Text: 14 A few months prior to his death, Mr. Luthy executed a farmout agreement with Mann Rankin for a single tract covered by the Lease. On November 9, 1962, Mr. Rankin's law firm sent him a letter questioning Mr. Luthy's authority ... as trustee or agent for Mr. Butt and Defiance and advising Mr. Rankin to either have the latter two parties ratify the farmout agreement or acknowledge the power of Mr. Luthy to act on their behalf with respect to the Lease. Id. at 351-52. As noted above, Mr. Luthy perished in January 1963, in the midst of these dealings. On October 31, 1964, Mr. Rankin executed an Assignment of Overriding Royalty Interest, which acknowledged that he had been assigned the leasehold as to Tract 3 on October 22, 1964. In consideration of that assignment, Mr. Rankin conveyed a ten percent overriding royalty interest and specified that the conveyance was a one-third interest to each of Mr. Butt, Defiance Coal, and the Bank as executor of Mr. Luthy's estate.