STAHL, Circuit Judge.
Plaintiff-appellant Faneuil Advisors, Inc. ("Faneuil"), appeals the district court's order subordinating Faneuil's preferred ship mortgage on the O/S Sea Hawk to the salvage claim of intervenor-appellee Portsmouth Harbor Towing ("PHT"). Because the district court predicated its order on a misunderstanding of the applicable law, we reverse.
I.
BACKGROUND
The Sea Hawk is a forty-five foot Hatteras sport...
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