Bank of America National Trust & Savings Ass'n v. Fogle

OPINION AND ORDER

ORRICK, District Judge.

This is an action for a deficiency judgment on a promissory note secured by a preferred ship mortgage on a vessel known as the “Oil Screw Amigo”. On April 15, 1980, defendants, Melvin and Claris Fogle, executed the promissory note in favor of plaintiff, Bank of America (the “Bank”). On April 15, 1981, after defendants had failed to make their semiannual payment, the Bank declared the note in default and demanded full payment of principal, interest, attorney’s fees, and costs. On July 1, 1982, defendants surrendered possession of the vessel to the Bank,…