We advise financial institutions, private equity firms, shipowners, lessees, operators, and others on all aspects of asset finance issues ranging from purchase, sale, or lease transactions to remedies in default and maritime lien enforcement. We also assist clients with restructurings, including asset buybacks, sale and leasebacks and refinancing.
IMG attorneys routinely represent banks and other financial institutions with their asset-based loans and asset recovery actions, and have years of experience negotiating forbearance or debt restructuring agreements well before any maritime litigation, foreclosure, or arrests actions are undertaken. When matters turn contentious and litigation or an arrest action is unavoidable, IMG will carefully assist our institutional clients in enforcing their rights as secured and unsecured creditors—regardless of the forum, type of proceeding, or governing law.
- Over $1,000,000.00 judgment from the Western District of Washington for breach of preferred ship mortgage and deficiency.
- Over $225,000.00 judgment for attorneys’ fees in deficiency collection action.
- Judgment in favor of lender against claims of Uniform Commercial Code violations during repossession and sale of vessel.
- Negotiated payments from defaulted borrower based upon vessel security agreement.
- Perfection and enforcement of claim of maritime lien and notice of lien for vessel necessaries.
R. Isaak Hurst, Esq
Founder and Principal Attorney
- 24/7 Emergency Response
- Contract Negotiation and Drafting
- U.C.C. Commercial Reasonableness Expertise
- Arbitration and Litigation
- Vessel Arrests
or call (206) 707-8338
to speak to someone today.
How We Can Help
Transactional Guidence and Legal Support
IMG takes pride in helping customers who are burdened with large volumes of contracts or unique maritime agreements. Our team of expert attorneys works as an extension of our customers’ teams, taking on routine tasks that can be managed efficiently and effectively by us, which again results in significant cost savings to our clients. By outsourcing key components of contract drafting, review, and management to us, we enhance our clients’ productivity and scalability, which results in significant cost savings to our clients. Importantly, the use of our talents will free up our clients’ internal resources for doing the high value work that they do best.
Arbitration and Litigation
Our attorneys bring energy, personal attention, industry knowledge, and substantive legal expertise to each matter. Our clients, whether they are large multinationals or small vessel owner/operators, turn to us for help with their most difficult legal issues. We work closely with our clients to understand their businesses, identify potential areas of legal exposure, devise strategies to manage risk, and, where appropriate, resolve disputes short of trial. As a result, IMG is able to tailor its advice to our clients’ needs and circumstances in a manner calculated to achieve the best possible result in each case.
Navigating Non-Judicial Foreclosures of Preferred Ship Mortgages
Mortgages and supporting loan agreements often provide that the mortgagee may take possession of the mortgaged vessel and conduct a private non-judicial sale of the vessel.
[Dan, please insert something in here about helping banks navigate UCC § 9-207 claims (storage and preservation of the vessel) and UCC § 9-610, which states that after default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. Obviously underscore the fact that every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable.]
IMG is a Proud Member and Supporter of the National Marine Lenders Association.