Jones v. One Fifty Foot Gulfstar Motor Sailing Yacht, Hull No. 01

GARZA, Circuit Judge:

This is an appeal, in admiralty, on petito-ry, possessory and tortious claims from granting of summary judgment adverse to the purchasers of a sailing yacht, in favor of a secured party. They say that the two happiest days of a yacht owner’s life are the day he buys it and the day he sells it.1 Perhaps this case will carve an exception to that rule for we reverse the judgment of the District Court.

FACTS

In October, 1974, J.K. and Lois R. Jones (appellants) attended the Annapolis, Maryland boat show and became interested in buying a fifty-foot Gulfstar Sailing Yacht from…