First Maryland Leasecorp. v. M/V Golden Egret

R. LANIER ANDERSON, III, Circuit Judge:

First Maryland Leasecorp (“FML”) appeals from a decision of the district court and challenges several of the district court’s conclusions of law.

I. FACTS

Collier Shipbuilding Co., Inc. (“Collier”) originally agreed with Camcraft, Inc., a Louisiana corporation engaged in offshore petroleum exploration, to build and deliver six offshore petroleum exploration supply vessels known as Builder’s Hull Nos. 24-*75129. In the fall of 1981, Mr. D.E. Bowman (“Bowman”), a principal in Camcraft, Inc., came to FML seeking interim financing for construction of the six hulls.

Af…