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MARYLAND NAT. BANK v. VESSEL MADAM CHAPEL

No. 93-55905.

46 F.3d 895 (1995)

MARYLAND NATIONAL BANK, Plaintiff-Appellant, v. The VESSEL MADAM CHAPEL, OFFICIAL NO. 924662; a.k.a. LOIKA, OFFICIAL NO. 942142; a.k.a. SEAQUESTER, OFFICIAL NO. 942142, her engines, masts, anchors, cables, chains, rigging, tackle, apparel, furniture, and all the necessaries therewith appertaining in rem, Defendants, and Matthew O. Jones, Claimant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided January 25, 1995.

Attorney(s) appearing for the Case

Thomas A. Russell, Williams Woolley, Cogswell, Nakazawa & Russell, Long Beach, CA, for plaintiff-appellant.

R. Jeffrey Kelleher, California Intern. Law Chambers, San Diego, CA, for claimant-appellee.

Before: FLETCHER, THOMPSON, and RYMER, Circuit Judges.

RYMER, Circuit Judge:

Maryland National Bank (MNB) appeals the summary judgment in favor of Matthew O. Jones, a claimant to the vessel, in MNB's admiralty action in rem against the MADAM CHAPEL to foreclose a preferred ship mortgage. In a published opinion, the district court held that MNB's preferred mortgage was equitably subordinated because its assignor failed to comply with standard good lending practices that would have avoided the problem of a state chain of...

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