Marcelle Myers, C.I.T. Corporation v. The Fidelity & Casualty Company of New York

CLARK, Circuit Judge:

This appeal, which is brought by the Fidelity & Casualty Company of New York (Fidelity), arises from the grant of C.I.T. Corporation’s (CIT) motion for summary judgment on a counterclaim asserted by Fidelity. Fidelity had sought restitution of $205,000.00 it had previously paid CIT as the result of the loss at sea of a vessel insured by Fidelity on which CIT held a mortgage.

In 1980, Marcelle Myers negotiated the purchase of a shrimp boat called the “Miss' Vicki” from Nat Wilson assuming payment of a first preferred ship mortgage and a negotiable promissory note from…