If CFS filed Chapter 7
, then it would no longer owe anything on the note that you purchased, and your only recourse would be against the property secured by the mortgage (presumably mineral rights located somewhere in Oklahoma). You would have to sue the current owner of the property on a foreclosure theory, and if the owner doesn't pay your note, then the court will order the property sold at auction, at which point you would get whatever was the high bid, and you would have no further recourse for anything beyond that.
I'm assuming that CFS did not file a Chapter 11 or that if it did, that Chapter 11 was later converted to Chapter 7, because you said it no longer exists.
Concerning this "suspense" fund, I don't know anything about that contract
-- but, unless the money was somehow tied to the mortgage itself as rents
or royalties collected from the property and never turned over to CFS, then I doubt you have any legal right to the money. If anything, that money belongs to the bankruptcy trustee
-- who probably is unaware of its existence -- otherwise, the trustee would reopen the case and demand the money from the production company.
If the money was rents and royalties collected but never turned over to CFS, then the bankruptcy trustee would argue that it is no longer security for the note, and you're going to argue that it is security because the mortgage grants you rents and royalties as security for your note. You will probably win this argument in bankruptcy court, at which point you would have an court order that the production company can't ignore.
1. Sue the current owner of the mineral rights for foreclosure in Oklahoma civil court.
2. Sue the production company and claim that it is holding rents/royalties that are secured by the mortgage attached to the note you are holding.
3. Hopefully the parties will settle and pay your note.
4. If not, the judge will determine whether or not the production money is security for the note.
That's pretty much it, except for the part where the bankruptcy trustee may suddenly show up and try to get some of the money.
Hope this helps.