Security Pacific National Bank v. Ol.S. Pacific Pride

ORDER DENYING MOTION FOR SUMMARY JUDGMENT

BEEKS, Senior District Judge.

On May 5, 1982, plaintiff filed the above-captioned action in rem seeking to foreclose its preferred ship mortgage upon defendant PACIFIC PRIDE executed by claimant Pacific Pride Fisheries to secure plaintiff’s loan to it in the principal amount of one million four hundred thousand dollars ($1,400,000). Plaintiff-Intervenors, Ruth Thayer, Rex Martin and David Hill (“Partners”) were allowed to intervene on June 15, 1982, and filed their complaint in intervention seeking to foreclose a second preferred ship mortgage in the…