In re Topgallant Lines, Inc.
United States District Court for the Southern District of Georgia
154 B.R. 368 (1993)
- Written by Sheryl McGrath, JD
Facts
Certain admiralty creditors, including First American Bulk Carrier Corporation (collectively, the maritime creditors) (creditors) had maritime liens on a vessel owned by Topgallant Lines, Inc. (Topgallant) (debtor). Separately, Topgallant granted Ambassador Factors (Ambassador) (creditor) a security interest in Topgallant’s accounts receivable, inventory, equipment, and personal property. Ambassador perfected the security interests by recording financing statements according to the recordation requirements in Georgia and New Jersey. Topgallant later filed a petition for Chapter 11 bankruptcy. In the bankruptcy proceeding, the maritime creditors filed a motion for summary judgment, claiming that their liens had priority over Ambassador’s security interests. The bankruptcy court granted summary judgment in favor of the maritime creditors. Ambassador appealed to the district court.
Rule of Law
Issue
Holding and Reasoning (Nangle, J.)
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