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FIRST NAT. BANK OF JEFFERSON PARISH v. M/V LIGHTNING POWER

No. 85-4233 Summary Calendar.

776 F.2d 1258 (1985)

FIRST NATIONAL BANK OF JEFFERSON PARISH, Plaintiff-Appellee, v. M/V LIGHTNING POWER, et al., Defendants, Eagle Fleet, Inc., Intervenor-Appellant.

United States Court of Appeals, Fifth Circuit.

November 19, 1985.

Attorney(s) appearing for the Case

Joseph P. Tynan, New Orleans, La., for intervenor-appellant.

Jessie N. Gros, III, Nel F. Vezina, Gretna, La., for plaintiff-appellee.

Before RUBIN, JOHNSON, and JONES, Circuit Judges.

ALVIN B. RUBIN, Circuit Judge:

A mortgagee holding a $900,000 mortgage on a vessel, which had a current market value in excess of $500,000, bid $5,000 for the vessel at an interlocutory sale in the foreclosure proceeding without obtaining court authority to bid up to the amount of its mortgage. The sale was confirmed by the district court over the objection of a third party who contended that it held a lien on the vessel for seaman's wages that would have primed the...

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