Marine construction project gone wrong

Friday, May 16, 2008

The US Court of Appeals for the Fifth Circuit ruled that a creditor with a perfected Uniform Commercial Code (UCC) security interest prevails over a creditor with a subrogated claim.  In the instant case, the US Army Corps of Engineers hired a marine construction company to construct pile dikes on the Lower Mississippi River.  Various entities then sought payment of the contract funds based on monies allegedly owed by the contractor.  The Corps of Engineers commenced this action asking the court to resolve the conflicting claims.  The court concluded that the subrogated claim gave the claimant only an equitable claim that was unsecured.  US v. Jesco Construction Corp., No. 06-31007 (5th Cir., - HK LAW).

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

China's Navy holds Missile Combat Resupply Drill

China's navy held its first drill simulating the resupply of missiles in a combat environment in the Yellow Sea, the Defence Ministry said on Thursday, the latest

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2184 sec (5 req/sec)