C. I. T. Corporation v. Oil Screw Peggy, Her Engines, Etc.

C. I. T. Corporation (C.I.T.) appeals from a judgment of the district court holding that C.I.T.’s ship’s mortgage did not extend to appellee-interven- or, Radiomarine Corporation^ (Radio) leased radar equipment. We affirm. 1

C.I.T. foreclosed upon and sold the vessel OIL SCREW PEGGY pursuant to its preferred ship mortgage on which payments had become delinquent. At the time of the seizure and sale, leased radar equipment owned by Radio was aboard the vessel. The radar equipment was leased by Radio to the vessel’s owner, Golden Rule Towing Company (Golden Rule), subsequent to the execution of…