Interstate Tractor & Equipment Co. v. Mylark

SOLOMON, District Judge.

On July 10, 1948, claimant, Malarkey Logging Company, agreed to sell, and one R. B. Cutting agreed to purchase, a fishing vessel known as the M. S. Mylark for the sum of $30,000.00 payable as follows: twenty-five percent of the gross catch but not less than $6,000.00 a year beginning July 9, 1949, title to remain in the seller until the full purchase price was paid.

Because of Cutting’s failure to make the required payments, claimant repossessed the vessel in September 1949. Thereafter Interstate Tractor & Equipment Co. filed a libel against the vessel, and a number of…