(plaintiff seeks declaratory judgment to quiet title to oil and gas rights and claims that defendant retained mineral rights beyond five years in violation of 12 U.S.C. Sec. 781 Fourth (b) of Federal Farm Loan Act of 1916; plaintiffs claim ownership to subject land as successor in interest derived from transfer from Federal Land Bank to plaintiff’s predecessor in title; FLB transferred title in 1938 but reserved a one-half interest in oil, gas, coal and other minerals in and on the property; court ruled that plaintiff’s action fails; defendant’s retention of mineral rights not subject to 1916 Act because provision of Act at issue inapplicable to mineral estates in accordance with 6 C.F.R. 10.64).
- Ag Docket