(Download) "Lyco Acquisition 1984 Limited Partnership and Lyco Energy Corporation v. First National Bank Amarillo" by Supreme Court Of Utah " Book PDF Kindle ePub Free
eBook details
- Title: Lyco Acquisition 1984 Limited Partnership and Lyco Energy Corporation v. First National Bank Amarillo
- Author : Supreme Court Of Utah
- Release Date : January 19, 1993
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 74 KB
Description
Appellants Lyco Acquisition 1984 Limited Partnership and Lyco Energy Corporation (collectively Lyco), as an overriding royalty interest owner in seven Moore County oil wells since August 1984, sued the operator of the wells, Jelmo Oil Company, for $195,050.47 in unpaid casinghead gas proceeds. On April 30, 1991, Lyco deposed Jelmos president, Wallace L. Bruce. Through Bruces deposition, Lyco learned (1) that Jelmo had actually issued 25 checks totaling $188,854.46 payable to Lyco as the owner of the overriding royalty interest; (2) that on March 10, 1986, Jelmo had forged Lycos endorsement on each of the 25 checks and then deposited the checks into various escrow accounts at the First National Bank of Amarillo; and (3) that in November 1989, Bruce and Robert C. Dallas, a Jelmo shareholder and director, converted the money in the escrow accounts to their personal use. The checks were never delivered to Lyco. Based on this information, Lyco amended its original petition to add the First National Bank of Amarillo (the Bank), appellee, as a defendant. Lyco alleged a cause of action against the Bank for conversion. The Bank, however, moved for summary judgment and the trial court granted the Banks motion, severing Lycos cause of action against the Bank from Lycos cause of action against Jelmo and others. From the trial courts final order of summary judgment, Lyco appeals by a single point of error in which it claims the court erred in granting summary judgment. We will overrule Lycos point of error.
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