If you have gear oil coming out of the backing plate or bottom of the drum, then both seals are at fault. You can have a brake grab fairly harshly, which in turn could effect your steering on a panic stop. Conversely, you can have the brake innefective, which again can effect the steering on a panic stop.
If you have brake fluid coming out of the backing plate, then the wheel cylinder is at fault.
Either one of these requires attention. In the military, we would ground a vehicle for either until the repairs were done.
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