William Strong

“ If in truth a debt was created, the fact that a bond or note was not taken does not make the bill of sale any the less a mortgage, though the absence of a bond or a note is to be considered in inquiring whether a debt was intended. ”

“ There can, indeed, be no pretence that Morgan, Rhinehart & Co., did not know from the beginning that the bill of sale was a mere security for money advanced by Shinn.
If then Shinn was only a mortgagee of an undivided interest in the vessel, as we think he was, he is under no obligation to contribute for repairs which he did not order. A mortgagee out of possession is not liable for repairs. [3] The benefit of repairs enures primarily to the mortgagor. A mortgagee out of possession does not appoint the master, or the ship's agents. ”

“ Russell v. Southard, 12 Howard, 139.↑ Babcock v. Wyman, 19 Howard, 289.↑ 1 Parsons on Shipping and Admiralty, 129, and cases collected in note 1.↑ Howard v. Odell, 1 Allen, 85; Myers v. Willis, 17 C. B. 77; 18 Id. 886. ”