Tilghman Hardware, Inc. v. Larrimore

RODOWSKY, Judge.

This case involves the credit sale of a Chesapeake Bay skipjack, the Nellie L. Byrd. 1 The sole issue is whether the deferred portion of the purchase price was secured by a security interest in the vessel, or whether the transaction was an unsecured sale on credit.

On March 10, 1989, petitioner, Tilghman Hardware, Inc. (Tilghman), agreed to purchase the Nellie L. Byrd from respondent, Darryl Larrimore (Larrimore), “subject to the terms and conditions contained in” a written contract, signed by both parties (the Agreement). A United States Coast Guard documented vessel, the…