Northern Trust Co. v. Buckeye Petroleum Co.

MESCHKE, Justice.

Redstone Energy Corporation (Redstone) appeals from a partial summary judgment permitting Northern Trust Company (Northern) to enforce an assignment of production and proceeds of production of oil and gas from the Johnson 34-1 Well in Williams County, North Dakota. We affirm.

Beginning in September 1979, Northern extended loans totaling $2,732,541.77 to Buckeye Petroleum Company, Inc. (Buckeye) pursuant to a line of credit established between the parties. As security for the loans Northern and Buckeye executed an open-end mortgage, security agreement, financing statement and…