Maryland National Bank v. The Vessel Madam Chapel

46 F.3d 895 1995 A.M.C. 850 MARYLAND NATIONAL BANK, Plaintiff-Appellant, v. The VESSEL MADAM CHAPEL, OFFICIAL NO. 924662; a.k.a. LOIKA, OFFICIAL NO. 942142; a.k.a. SEAQUESTER, OFFICIAL NO. 942142, her engines, masts, anchors, cables, chains, rigging, tackle, apparel, furniture, and all the necessaries therewith appertaining in rem, Defendants, and Matthew O. Jones, Claimant-Appellee. No. 93-55905. United States Court of Appeals, Ninth Circuit. Argued and Submitted Dec. 8, 1994. Decided Jan. 25, 1995. Thomas A. Russell, Williams Woolley, Cogswell, Nakazawa & Russell, Long Beach, CA, for plaintiff-appellant. R. Jeffrey Kelleher, California Intern. Law Chambers, San Diego, CA, for claimant-appellee. Appeal from the United States District Court for the Southern District of California. Before: FLETCHER, THOMPSON, and RYMER, Circuit Judges. RYMER, Circuit Judge: 1 Maryland National Bank (MNB) appeals the summary judgment in favor of Matthew O. Jones, a claimant to the vessel, in MNB's admiralty action in rem against the MADAM CHAPEL to foreclose a preferred ship mortgage. In a published opinion, the district court held that MNB's preferred mortgage was equitably subordinated because…