REYNALDO G. GARZA, Circuit Judge:
FACTS
Briley and Hidalgo were both shareholders in Yvonne Bailey, Inc. ("Bailey"). On January 16, 1979, Briley executed a promissory note on behalf of Bailey in favor of Ford Motor Credit Corporation ("FMCC") for $745,000. The proceeds of the loan were used to finance the acquisition of the M/V Private. As security, FMCC obtained a first preferred ship mortgage on the M/V Private and two guaranties, one executed by Hidalgo...
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