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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

USCG Shares Safety Tips for Labor Day, Riverfest

Labor Day weekend marks the unofficial end of the boating season and is known as one of the busiest recreational boating weekends on the Ohio River. With approximately 2,

Wishful Thinking From Across the Pond

European Shipowners Pursue Softening of the Jones Act Just last month, the Secretary General of the European Community Shipowners’ Association (ECSA) opined that

Legislation Signed for Ports Upgrades

Today, Governor Brown signed AB 2395 Legislation. The bill was co-authored by Bonnie Lowenthal chair of the Assembly Transportation Committee and the Select Committee

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1102 sec (9 req/sec)