(Download) "Pan American Petroleum Corp. v. Long" by United States Court Of Appeals Fifth Circuit. # Book PDF Kindle ePub Free
eBook details
- Title: Pan American Petroleum Corp. v. Long
- Author : United States Court Of Appeals Fifth Circuit.
- Release Date : January 30, 1964
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 77 KB
Description
This case is another chapter in the litigation arising out of the recent slant hole oil episode in the East Texas field, this time involving two parties innocent of any purposeful wrongdoing. The question here is whether the slanted-on oil company may recover from a financial institution the proceeds of the stolen oil received by it from the purchasing pipelines in payment of loans and production payments made to or purchased from the slant-holing operator. There are two subsidiary questions. One is whether the Texas two-year Statute of Limitations, Vernons Ann.Tex.Civ.Stat. art. 5526 (1958), applies to limit the oil companys recovery to proceeds received during the two-year period immediately preceding the filing of this action. The other is whether the financial institution must be given credit for the amount it received but paid over to its debtor pursuant to the mortgage or production payment agreement, such amount being in excess of the required monthly payments. We have concluded that the Trial Court was correct in holding Southwestern Life liable for conversion to the extent of all proceeds received during the two-year period. We therefore affirm.