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MATTER OF MEREDOSIA HARBOR & FLEETING SERVICE, INC.

No. 76-1018.

545 F.2d 583 (1976)

In the Matter of MEREDOSIA HARBOR & FLEETING SERVICE, INC. and River Road Marine Repair, Inc. FARMERS & TRADERS STATE BANK OF MEREDOSIA, Lien Claimant-Appellant, v. Robert M. MAGILL, Trustee-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided November 8, 1976.

Attorney(s) appearing for the Case

Duane D. Young, Mervin L. Beil, Springfield, Ill., for lien claimant-appellant.

James L. Magill, John B. Hendricks, Springfield, Ill., for trustee-appellee.

Before FAIRCHILD, Chief Judge, and CUMMINGS and TONE, Circuit Judges.

CUMMINGS, Circuit Judge.

This case arises from the denial of two Illinois banks' petitions to reclaim two vessels, allegedly subject to a maritime mortgage, or the proceeds from their sale in the hands of the bankruptcy trustee of the corporate mortgagor.

In 1970, John D. Rasco formed two companies, viz., Meredosia Harbor & Fleeting Service, Inc. and River Road Marine Repair, Inc., its wholly owned subsidiary, to build and repair boats. During that...

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