Legal Opinion
In Re the Complaint of Panoceanic Tankers Corp.
District Court, S.D. New York
Decided March 8, 1971No. 67 Civ. 4489PublishedCited by 5 opinions
1Opinion of the Court
MEMORANDUM
COOPER, District Judge.
Claimants’ motion requests this Court to issue an order directing petitioner to deposit security to insure their potential judgments in the event the petition for exoneration or limitation of liability is defeated.
$4,500,000 security
Claimants' application for the posting of $4,500,000 security is denied. We do not consider the fund provisions of 46 U.S.C. §§ 183, 185 1 as the exclusive device to protect or secure the potential judgments of the claimants. Neither the fundamental purpose of the Limitation of Liability Act, to encourage the development of…
2Cases cited3 opinions
- Lake Tankers Corp. v. HennSupreme Court of the United States · 1957
- British Transport Commission v. United StatesSupreme Court of the United States · 1957
- White v. Island Transportation Co.Supreme Court of the United States · 1914
3Cited by5 opinions
- Dayco Corporation v. Foreign Transactions Corporation v. Richard J. Jacob, Third-PartyCourt of Appeals for the Second Circuit · 1983
- Caribbean Sea Transport, Ltd. v. RussoCourt of Appeals for the Eleventh Circuit · 1985
- Caribbean Sea Transport, Ltd. v. RussoCourt of Appeals for the Eleventh Circuit · 1984
- Trigo Hnos., Inc. v. Premium Wholesale Groceries, Inc.District Court, S.D. New York · 1976
- In the Matter of Petition for Exoneration and Limitation of Liability of the Boat Camden, Inc.Court of Appeals for the First Circuit · 1978