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MERCHANTS & MARINE BANK v. DOUGLAS-GUARDIAN CORP.

No. 85-4554.

801 F.2d 742 (1986)

MERCHANTS & MARINE BANK, Plaintiff-Appellant Cross-Appellee, v. DOUGLAS-GUARDIAN WAREHOUSE CORPORATION, Defendant-Appellee Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

October 6, 1986.

Attorney(s) appearing for the Case

Frank A. Wood, Jr., John G. Corlew, Jackson, Miss., for appellant.

John M. Harral, Gulfport, Miss., for appellee.

Before WISDOM, W. EUGENE DAVIS and EDITH HOLLAN JONES, Circuit Judges.

OPINION

EDITH HOLLAN JONES, Circuit Judge:

This appeal requires us to determine the rights and obligations of parties under a tri-party "Verified Inventory Control Agreement." We agree with the magistrate's construction of the contract and affirm the court's award of damages, but we reverse the award of prejudgment interest.

Merchants & Marine Bank provided Marine Steel with a $350,000 line of credit in exchange for a security interest in,

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