Colonial Bank v. Oil Screw Redd I

CASSIBRY, District Judge:

This suit, commenced on March 2,1977 as a foreclosure on a first preferred ship mortgage, is now, since the sale of the ship, a suit for the indebtedness outstanding on a promissory note. On March 11, 1976, the defendant, Clarence P. Foret, executed a promissory note to the order of the plaintiff, Colonial Bank, in the principal amount of $75,000.00, with interest at 8% per annum, payable on demand. As security, Colonial Bank was granted a preferred ship mortgage on the Oil Screw Redd I. The bank brought suit on March 2,1977 to foreclose on the mortgage, and the…