Kane v. Motor Vessel Leda

ALVIN B. RUBIN, District Judge:

I. FACTS

On October 31, 1969, Leda Towing Company, Inc. (“Leda”) and Joseph J. Poirier (“Poirier”) executed two documents with reference to the Motor Vessel LEDA. One purported to be a bare-boat charter; the other purported to be an option to purchase. The two documents, read together as they must be, since they were executed simultaneously, resembled an agreement of the kind commonly called a lease-purchase contract. The 60 monthly payments, denominated rental, amounted to the full price of the vessel, and if Poirier, the lessee, performed the so-called lease,…