Howison v. Key Bank of Southern Maine (In Re Good Ship Appledore, Ltd.)

MEMORANDUM OF DECISION

JAMES B. HAINES, Jr., Bankruptcy Judge.

This matter comes before the court on trustee’s complaint to determine liens. The parties have filed factual stipulations, stipulations of admissibility of exhibits, and trial briefs. The case has been submitted on the stipulated record.

Background

Good Ship Appledore, Ltd., filed its Chapter 7 petition in bankruptcy on March 21, 1988. William H. Howison was appointed trustee. At the date of filing, the debtor’s only asset was the schooner “Appledore” which had been left unattended at Ashley Marina in Charleston, South Carolina. On or…