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NAT G. HARRISON OVER. CORP. v. AMERICAN BARGE SUN COASTER

No. 71-2663.

475 F.2d 504 (1973)

NAT G. HARRISON OVERSEAS CORP., Plaintiff, v. AMERICAN BARGE SUN COASTER, and her appurtenances, in rem, Defendant, Thurston Crawford, Defendant-Appellant, Litton Industries Credit Corporation, Intervening Plaintiff-Appellee.

United States Court of Appeals, Fifth Circuit.

March 8, 1973.

Attorney(s) appearing for the Case

William H. Maness, Jacksonville, Fla., for appellant.

George E. Patterson, Jr., Miami, Fla., Sirius C. Cook, New York City, for appellee.

Before JOHN R. BROWN, Chief Judge, and GOLDBERG and MORGAN, Circuit Judges.

JOHN R. BROWN, Chief Judge:

Appellant Crawford, the borrower, challenges the imposition of a $300,000 plus personal judgment for the deficiency after the sale of the barge Sun Coaster. Crawford contends that (i) the District Court erred in finding that the mortgage in question was a "Preferred Ship Mortgage," (ii) that the judgment should be purged of interest, because it was usurious under the laws of the state of Georgia, (iii) that because the interest rate is...

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