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DEFICIENCY JUDGMENT CODE

Some courts consider regular maintenance and replacement of essential components as important factors supporting reasonable care. A wise lender will ensure that it carefully selects the third-party vendors that will store and maintain their repossessed vessels. Lenders should take precautionary measures and, importantly, ensure that adequate records are maintained for a minimum of two years following the sale of collateral. And there are creative ways to argue that the lender violated its statutory duty.

Borrowers may challenge a lender’s performance of this statutory duty if the price obtained at the sale of a repossessed vessel does not meet their expectations, which are often high. The scope of a marine lender’s duty of reasonable care in the preservation of a vessel is not clearly defined. Legal considerations associated with selling the distressed Vessel.Self-Help and Repossession - Initial Considerations.

In instances involving non-judicial foreclosures, IMG frequently provides guidance on the following issues: Indeed, even the slightest mistake can subject the lender to a myriad of legal challenges from the borrower/vessel owner. When successful, these "self-help" asset recovery strategies can results in a rewarding and cost effective vessel repossession, but these legal waters are not without challenges. Navigating the seas of non-judicial foreclosures, however, is not without its challenges. Vessel mortgages and supporting loan agreements often provide that the lender may take possession of the mortgaged vessel and conduct a private non-judicial sale of the vessel. Perfection and enforcement of claim of maritime lien and notice of lien for vessel necessaries.Negotiated payments from defaulted borrower based upon vessel security agreement.

DEFICIENCY JUDGMENT CODE

Judgment in favor of lender dismissing borrower’s claims of Uniform Commercial Code violations during repossession and sale of vessel.

Over $225,000.00 judgment for attorneys’ fees in deficiency collection action.

Over $1,000,000.00 judgment from the Western District of Washington for breach of preferred ship mortgage and deficiency.

Indeed, when it comes to vessel arrests, non-judicial foreclosures, debtor remedies and creditors rights, our attorneys have a proven track record of helping our clients achieve their goals-on time and under budget. In addition, every vessel arrest or non-judicial foreclosure has unique legal questions that require practical know-how and common sense, which is why so many vessel owners, charterers, lenders, shipyards, lien holders, businesses and governments look to us for legal assistance. This specialized practice area now requires thorough understanding of admiralty law, civil procedure, attachment law, bankruptcy law, and state and federal consumer protection laws. Covid-19 has dramatically changed the legal landscape of vessel arrests, non-judicial foreclosures, debtor remedies and creditors rights.