More than likely, the seals are leaking. If the discs look to be decent yet, an old Case collector showed me how to take a propane torch, and burn the oil out of them. Just run the torch over the discs in a circular motion, and get them pretty warm. It will literally boil the oil out of them. I was afraid of them coming un-bonded, but he said he has done many of them, and they haven't. Use your own judgement on this. I did, and it worked well... Just finish cleaning them up with brake cleaner, and maybe rough the surface with finer sandpaper. I now use my Roloc medium discs to do this.
The seals will probably run you $15.00-$17.00 ea., depending on where you get them.
Do one side at a time.
You will probably need to drain the tranny oil down some, or the oil will come out the bottom brake housing bolt hole, when you remove that bolt.
To keep from damaging the new seal when installing... Wrap electrical tape around the cleaned splined shaft. Start the tape on the inward side, on the flat area where the splines end, and just before where the seal rides on the shaft. Coat the tape with oil, and slide the seal on. With the tape wrapped this way, the seal will be riding on smooth ridges, not against them. Leave a little extra on the outward end to get ahold of. When done, pull the end of the tape, and it will spiral itself right off of there.
There will also be 4 LARGE Phillips head machine screws, holding on the plate on the backside of the brake disc assembly. You wil need to remove this to get to the seal, if they are bad... I replaced them with hex/allen head screws of the same size and shape. Much easier to torque back in, although it is only like 15 ft. lbs.
There are also some shims behind that plate. Just make sure you don't damage, or lose them.
Not a bad job, just takes a while....