Continental Nat. Bank & Trust Co. v. Fullerton

BOOTH, Circuit Judge.

This is an appeal from a decree which adjudicated priorities between two mortgages as respects a certain derrick boat.

The facts are largely undisputed, and are substantially as follows: In 1923 the Thane Lumber Company was engaged in the manufacture and sale of lumber in Arkansas City, Ark. It purchased that year and put into use a steel barge costing about $8,500. In March, 1924, the barge was tied up near the mill, where high water and a storm caused it to sink. When the water subsided, in the summer of 1924, the barge became visible, and it was bailed out and caused to…