Pee Dee State Bank v. The Wild Turkey

1992 AMC 1896 (1991)

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Pee Dee State Bank v. The Wild Turkey

United States District Court for the District of South Carolina
1992 AMC 1896 (1991)

CS

Facts

The Wild Turkey was a fishing vessel owned by Wild Turkey, Inc. (the company) (defendants). The company defaulted on the ship mortgage for the Wild Turkey, which was held by Pee Dee State Bank (the bank) (plaintiff). The bank brough a ship-mortgage foreclosure action in rem and in personam against the vessel and the company, respectively, in the United States District Court for the District of South Carolina. When the action was initiated, the Wild Turkey was berthed at the Marsh Harbor Marina, which the bank mistakenly believed was in South Carolina. The marina in fact was located a few yards across the state line in North Carolina. The bank exercised its right of nonjudicial repossession under the mortgage terms, took physical custody of the Wild Turkey, and moved the vessel to a marina in South Carolina. Once the vessel was in South Carolina, it was arrested pursuant to federal admiralty rules. The company moved to dismiss the action, alleging that the court lacked in rem jurisdiction over the vessel because it had been located in North Carolina when the action was originally brought and that the seizure was therefore invalid. The bank asked the court to order the interlocutory sale of the Wild Turkey.

Rule of Law

Issue

Holding and Reasoning (Norton, J.)

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