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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Guzmán Re-elected Harbor Commission President, Long Beach Port

Harbor Commission President Lori Ann Guzmán was re-elected Monday evening to serve a second one-year term leading the board that oversees the Port of Long Beach, the nation’s second-busiest seaport.

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

U.S. Backs S. China Sea Bilateral Talks

U.S. Secretary of State Kerry says backs bilateral talks; Philippines says dispute does not involve United States. U.S. Secretary of State John Kerry said on

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Repair 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: 0.0632 sec (16 req/sec)