5 ms·
I don't know how collateral on a mortgage on a ship this size works. But I am pretty sure even if they handed it to him, he couldn't do anything with it because
by warmwaffles 5y ago
I don't know how collateral on a mortgage on a ship this size works. But I am pretty sure even if they handed it to him, he couldn't do anything with it because it would have a Lein on it.
Your point still remains valid though.
- deleted 5y ago[deleted]
- Retric 5y agoLein’s don’t normally work that way after a boat was seized. Handing it to the remaining sailor isn’t identical, but don’t assume loans have much weight here. The mess of US civil forfeiture laws originally showed up in maritime law such that the owners and outstanding loans became irrelevant. In effect the physical object is what’s confiscated breaking any ties to anyone that had a prior ownership stake.
- bdowling 5y ago> he couldn't do anything with it because it would have a Lein on it. If he had title, then he could sell it. The lienholder, however, would have a claim on the proceeds of the sale.