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SASKATCHEWAN GOVERNMENT INS. OFFICE v. PADGETT

No. 16270.

245 F.2d 48 (1957)

The SASKATCHEWAN GOVERNMENT INSURANCE OFFICE, Appellant, v. E. P. PADGETT and First National Bank in Waycross, Appellees.

United States Court of Appeals Fifth Circuit.

May 29, 1957.

Attorney(s) appearing for the Case

J. Edwin Carey, New York City, Edward P. Mulcahy, Jacksonville, Fla., Russell C. Gay, Miami, Fla., Hill, Rivkins, Middleton, Louis & Warburton, New York City, of counsel, for appellant.

Chester Bedell, C. Harris Dittmar, Lloyd Bass, Jacksonville, Fla., Bedell & Bedell, Jacksonville, Fla., of counsel, for appellees.

Before TUTTLE, JONES and BROWN, Circuit Judges.

JONES, Circuit Judge.

For an understanding of the questions presented by this appeal, a somewhat detailed recital of the facts is necessary. The appellee, E. P. Padgett, was the owner of the diesel shrimp boat Pompano Scout. On June 4, 1952, Padgett gave a mortgage on the boat to the appellee, the First National Bank in Waycross, for the original principal sum of $6,500, which was reduced by July 14, 1954, when the boat burned, to $4,085.39, with interest from March...

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