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ANGLO-PAC. OIL v. TRANSCONT. OIL

34 Misc.2d 528 (1961)

Anglo-Pacific Oil & Gas, Ltd., Plaintiff, v. Transcontinental Oil Corporation et al., Defendants. Tazin Mines Limited, Plaintiff, v. Transcontinental Oil Corporation, Defendant.

Supreme Court, Special and Trial Term, New York County.

October 19, 1961

Attorney(s) appearing for the Case

Bergerman & Hourwich (Joseph Calderon of counsel), for plaintiffs. Abraham Rotwein for Transcontinental Oil Corporation, defendant. Buchman & Buchman, defendants in person.

SAMUEL C. COLEMAN, J.

The basic controversy between plaintiff (Anglo) and the defendant (Transcontinental) relates to clause 3(e) in the agreement of August 12, 1960. By that clause Anglo "(e) Pledges as collateral security to the first party [Transcontinental] all of its rights under its agreement with the first party [Transcontinental] dated October 15, 1959 to cover the third party's [Anglo's] performance...

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