In re Texas Std. Oil Corp.

Ruling: 
Debtor could not assign interest in oil and gas lease for no consideration.
Procedural posture: 
Debtor, an oil company, filed a petition under chapter 11 of the Bankruptcy Code, and asked the court for permission to assign its interests in an oil and gas lease to a partnership (LP). The debtor's creditors filed an objection to the debtor's motion.
Issue: 
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Commercial case opionion summary, case decided on November 12,2008, LexisNexis #0209-109