Sick Lime Tree

In Hawaii, my 20 year old lime tree has lost its bark on the SE side. The bark splits and has dusty/hairy stuff underneath. I trimed back as much as I could and treated with a fungicide and, later, malthaion. No joy.
75% of the bark is gone.
No hope?
I'd like to replan a new lime in the same place. What precautions should I take?
Thank you.
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John Keiser wrote:

Unfortunately for your sake it sounds like some sort of canker.
Here is a link with some more detail: http://ag.arizona.edu/pubs/garden/mg/pathology/ornamental.html
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