STAHL, Senior Circuit Judge.
This case requires us to determine whether an unrecorded bill of sale purporting to convey a federally documented yacht, the M/Y Cent'Anni, is valid as against a judgment creditor and to review an award of $100,000.00 in punitive damages and an assessment of $43,720.44 in attorneys' fees. We reverse and remand for further proceedings consistent with this opinion.
I
On November 24, 1997, Dr. John J. Walsh, Jr. and Beatrice...
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