United States v. Acme Operating Corp., 288 U.S. 243 (1933)
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U.S. Supreme Court U S v. ACME OPERATING CORPORATION, 288 U.S. 243 (1933)
[Page 288 U.S. 243, 249]
The vessels were placed in full repair by the mortgagee; to the extent that they were repaired before the liens were assigned, the lienors could have had no rights against the government for the impairment of their security and they transferred none by the assignments. There is no finding which shows to what extent the repairs had been made at the time of the assignments, although it appears that some of them, at least, were then completed. The intervener does not say, and cannot, on these findings, that it made the repairs to protect the security of the liens rather than that of its own mortgages, which are subordinate to the claims of the government. Accordingly, there is no basis in the findings for contending that the intervener stands in any better position as the holder of the construction liens than it does as mortgagee.
Reversed.
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