WPL Marine Services, Inc. v. Woods-Tucker Aircraft & Marine Leasing Corp.

ELLIS, Judge.

Plaintiff WPL Marine Services, Inc. negotiated the purchase of the MV “Toledo” from Atlantic Towing Corporation in August, 1974, for the price of $185,000.00, and sought financing of $160,000.00 of that amount from Woods-Tucker Aircraft & Marine Leasing Corporation. On October 15, 1974, Atlantic sold the “Toledo” to Woods, and on October 16, 1974, Woods and WPL entered into a “Bareboat Charter/Lease Agreement and Guaranty”, by virtue of which Woods, as owner, leased the “Toledo” to WPL for 60 months, at a monthly rental *1305of $3,920.00, or a total of $235,200.00. The agreement…