Safticraft Corp. - 1963 dated Ship Building Co. Stock Certificate

Stock printed by Broun-Green Co., N.Y. Excerpt from https://case-law.vlex.com/vid/in-re-safticraft-corporation-893271655

"This is a petition for review of an order rendered in the above-captioned matter by the Referee on December 14, 1964. The bankrupt, Safticraft Corporation, was engaged in the ship building business in the parish of St. Mary, Louisiana, within the jurisdiction of this court. During the course of its operations it purchased steel from the petitioner, Glazer Steel Corporation, for the building of a 70-foot tug boat for Cheramie, one of Safticraft's customers. This steel was delivered pursuant to order of the bankrupt between the dates of June 14, 1962 and February 4, 1963, and the total invoice for the materials so furnished amounts to $15,672.51.

The 70-foot tug was designated by the builder as Hull No. 552. It was mortgaged to Val-U Investment Corporation under a chattel mortgage dated September 12, 1962, along with other property belonging to the bankrupt to secure a loan of $85,000.00. The dispute before us is between Glazer and Val-U for payment of their claims. The Referee, by order dated December 14, 1964, rejected Glazer's claims to a vendor's lien and privilege and a material man's lien and privilege for the steel furnished by it, used in the construction of the hull, and ordered that the proceeds of the sale of Hull No. 552, together with other assets of the bankrupt included in the chattel mortgage, be paid to Val-U Investment Corporation."