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AVONDALE SHIPYARDS, INC. v. TANK BARGE ETS 2303

No. 84-3304.

754 F.2d 1300 (1985)

AVONDALE SHIPYARDS, INC., Plaintiff, v. TANK BARGE ETS 2303, et al., Defendants, ITT INDUSTRIAL CREDIT CO., Intervenor-Appellant, v. The BELCHER COMPANY OF TEXAS, INC., Intervenor-Appellee.

United States Court of Appeals, Fifth Circuit.

March 15, 1985.

Attorney(s) appearing for the Case

Adams & Reese, Clare E. Peragine, Frank M. Adkins, New Orleans, La., for intervenor-appellant.

W.E. Noel, Lemle, Kelleher, Kohlmeyer, & Matthews, New Orleans, La., for intervenor-appellee.

Before GEE, REAVLEY and RANDALL, Circuit Judges.

RANDALL, Circuit Judge:

Creditors caused the arrest of the M/V Precursor. A United States Marshal sold the vessel at an interlocutory sale on July 6, 1982. This appeal involves a priority fight over the sale proceeds between the holder of a ship mortgage on the vessel and a maritime lien claimant. The issue presented is whether a renewal mortgage may take priority over an intervening maritime lien if it is executed by a new mortgagor who has assumed the original mortgagor...

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