Supreme Court of Louisiana May 25, 1925, No. 25568. (Forrey v. Strange)

ST. PAUL, J.

On January 19, 1919, defendant and three associates sold to the Globe Oil Company a certain oil lease for $300,000; of which $60,000 was paid cash, and the balance secured by mortgage on said lease. On the same day the Peerless Oil Company sold to said Globe Oil Company another oil lease for $450,000; of which $90,-000 was paid cash, and the balance secured by mortgage on said lease.