Frank J. Allen v. Robert E. Smylie

This case concerns the validity of certain phosphate mineral leases of school lands granted by the State of Idaho to respondent
Monsanto Company in 1958 for a term of ten years. Leases for five year terms were originally issued to Monsanto in 1948, under
I.C. § 47-704, which then read, so far as pertinent, as follows: "All mineral leases of state school land shall be for a period of five years, upon condition that at the end of each five-year
period succeeding the first day of the year in which the lease is issued the leaseholder shall be given a preferential right
of renewal under such readjustment of terms and conditions as the board may determine to be necessary in the interest of the
state.