Roy and Pat come to the aid of a rancher being strong-armed by agents of the Hard Luck Insurance Company. Suspicious of the company's true intentions, Roy begins an investigation on Hard Luck's seedy manager, Ben Pierson.
Outlaw Jud Harmon's wild black stallion can outrun any posse. When Harmon's prized mustang disappears just before a big heist, he tricks Roy into helping him track down the horse.