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SOUTHERN REEF FISHERIES v. O/S BROADFIRE LEADER

No. 85-3254.

786 F.2d 1523 (1986)

SOUTHERN REEF FISHERIES, a Florida General Partnership comprised of John E. Turregano, Betty M. Turregano, S.T. Miller, Martha S. Miller, Arnold D. Barr and Beverly Jo Barr, Plaintiffs-Appellants, and Borg-Warner Acceptance Corporation, Intervening Plaintiff-Appellee, v. O/S BROADFIRE LEADER, etc., in rem, and Broadfire International, Inc., in personam, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

April 21, 1986.

Attorney(s) appearing for the Case

Nathaniel G.W. Pieper, Tampa, Fla., for plaintiffs-appellants.

Edward F. Gerace, Tampa, Fla., for defendants-appellees.

Before HILL, Circuit Judge, TUTTLE and HENDERSON, Senior Circuit Judges.

HILL, Circuit Judge:

FACTS

On April 27, 1982, the owner of the O/S BROADFIRE LEADER executed a preferred ship mortgage in favor of Borg-Warner Acceptance Corp. ("Borg-Warner") in the principal amount of $107,763.80 ("Borg-Warner Mortgage 2"), which replaced and increased the principal amount of an earlier mortgage. Borg-Warner Mortgage 2 was endorsed on the vessel's General Abstract of Title and recorded on April 29, 1982.

On July 1, 1982, the owner...

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