After a wintery reprieve, this year’s fishing season began in earnest – and not a moment too soon for most of us. Already geared up for the fishing season, some vessel owners may wish to expand their fleets and businesses this year. Yet, finding and accessing cheap capital to build or buy a boat is […]
Maritime Law
News and Insights
Bareboat Charters – What you need to know
Introduction Well, it’s that time of year again—fishing season. After months off in a wintery reprieve, it’s time to get back to work and go fishing—and not a moment too soon. Many vessel owners might have had an eye for expansion this season. Perhaps they are looking to build new boat or one of their […]
What Duties Does A Marine Lender Owe In The Sale Of A Repossessed Vessel Under UCC §9-610?
This article is the third of our three-part series on Uniform Commercial Code (“UCC”) sections 9-207 and 9-610. These model code provisions govern the duties associated with the preservation and disposition of secured collateral. In the following article we address the duties of a marine lender associated with the marketing and sale of repossessed vessels. […]
What Duties Does A Marine Lender Owe In The Care of A Repossessed Vessel Under UCC §9-207?
This article is the second of our three-part series on Uniform Commercial Code (“UCC”) sections 9-207 and 9-610. Those model code provisions govern the duties associated with the preservation and disposition of secured collateral. In the following article we address the duty of reasonable care and preservation as it applies to lenders who have repossessed […]
Navigating the Unmarked Hazards for Marine Lenders in Non-Judicial Foreclosure of Preferred Ship Mortgages
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” William Arthur Ward Ward’s descriptions of the pessimist, the optimist and the realist apply handily to those parties involved in the foreclosure of a ship mortgage. It was, after all, the optimism of the borrower that led him […]
Chapter 12 Bankruptcy – Five Things Every Fisherman Should Know
Declining sales. Dwindling vendor opportunities. Shifting consumer preferences. As more restaurants close and seafood wholesale prices continue to crater, commercial fishermen face mounting financial pressures from the novel coronavirus pandemic. Although the Secretary of Commerce has earmarked $300 million to affected fisheries under the federal CARES Act, these funds may not be enough to prop […]
The Importance of Safe Berth Clauses in Light of The Coronavirus Pandemic
The Supreme Court Opinion in Athos I On March 30, 2020 the Supreme Court of the United States issued its opinion in the case of CITGO Asphalt Refining Co. et al. v. Frescati Shipping Co., Ltd., et al.. The Supreme Court opinion clarified U.S. law on the issue of safe berth clauses in charter party […]
Benefits of Holding Commercial and Recreational Vessels in Limited Liability Companies
“Is setting up a limited liability company worth the time and expense?” “Doesn’t it seem shady, will it complicate my efforts to document my vessel with the U.S. Coast Guard?” Rest assured, creating a limited liability company to act as an ownership entity for your vessel is a great idea. It is easy to do, […]
Why Ditching the Limitation of Liability Act is a Bad Idea
In the early morning of September 2, 2019 a fire ignited in the below decks area of the dive boat Conception. Before the captain and crew, who were themselves sleeping above decks, could do anything, the fire had blocked their pathway to the below decks area and they were forced to abandon the vessel. All […]
The Effect of COVID-19 on Your Ability to Fulfill Contract Obligations: Invoking Force Majeure and Impossibility Doctrines
In an effort to slow the spread of the novel coronavirus, governments around the world have ordered their citizens to hold in place. There is no indication of when these restrictions will be lifted. Naturally, this has had a huge effect on people’s ability to conduct business around the world. Many business owners, especially in […]