Mercantile Financial Corp. v. Sea Work Marine Services Inc.

ALVIN B. RUBIN, District Judge:

While the barge KCB-263 was employed uneventfully on its maritime business, the documents pertaining to the barge undertook a bizarre financial voyage of their own. The paper cruise gives rise to this litigation concerning who owns the barge.

The parties agree that the barge once belonged to J. Rich Steers, Inc., and that, on November 15, 1965, Steers sold the barge to Sea Work Contractors, who took possession of it. C. A. Didden, who was acquainted with the controlling stockholder in Sea Work, Warriner, had formed the corporation called Gulf Coast Bridge…