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COLONIAL BANK v. OIL SCREW REDD I

Civ. A. No. 77-675.

487 F.Supp. 276 (1980)

COLONIAL BANK, Plaintiff, v. The OIL SCREW REDD I, Official Number 289392 and Clarence P. Foret, Defendants.

United States District Court, E. D. Louisiana.

February 4, 1980.

Attorney(s) appearing for the Case

Robert T. Wakefield, New Orleans, La., for plaintiff.

Jacob L. Karno, Metairie, La., for defendants.

CASSIBRY, District Judge:

This suit, commenced on March 2, 1977 as a foreclosure on a first preferred ship mortgage, is now, since the sale of the ship, a suit for the indebtedness outstanding on a promissory note. On March 11, 1976, the defendant, Clarence P. Foret, executed a promissory note to the order of the plaintiff, Colonial Bank, in the principal amount of $75,000.00, with interest at 8% per annum, payable on demand. As security, Colonial Bank was granted...

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