Bankers Trust International Ltd. v. Todd Shipyards Corp.

[1981] A.C. 221, [1980] 2 Lloyd’s Rep. 325, 1980 AMC 1221 (1980)

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Bankers Trust International Ltd. v. Todd Shipyards Corp.

Judicial Committee of the Privy Council
[1981] A.C. 221, [1980] 2 Lloyd’s Rep. 325, 1980 AMC 1221 (1980)

CS

Facts

Bankers Trust International Ltd. (Bankers Trust) was an English bank that held a mortgage on a British ship, the Halcyon Isle. Todd Shipyards Corp. was an American shipyard that completed ship repairs on the Halcyon Isle in New York. Under United States maritime law, Todd Shipyards was entitled to a maritime lien over the vessel for the value of the repairs. After the mortgage defaulted, Bankers Trust had the Halcyon Isle arrested in Singapore in an in rem action. After legal proceedings in Singapore, the Halcyon Isle was sold, but the proceedings from the sale were insufficient to pay all of the creditors. The issue of whether Bankers Trust, as the mortgagee, or Todd Shipyards, as the holder of a maritime lien, had priority in the distribution of the sale proceeds came before the Judicial Committee of the Privy Council in the United Kingdom.

Rule of Law

Issue

Holding and Reasoning (Diplock, J.)

Dissent (Salmon, Scarman, JJ.)

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