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REPO Actions outside US Waters
G Ley
Posted: Friday, July 3, 2009 6:33 PM
Joined: 02/05/2008
Posts: 1


Does Chapter 7 Banckrupcty law applies outside US territory?

Vessel surrended under Chapter 7 was repossesd in Mexican Waters with our a Mexican Court order claiming Maritime law applies??

The port is debeting and has claimed that REPO company took vessel illegaly.

Its common thet foreing captains retreive vessels this way with our a Mexican Federal instruction to release it, thus its being considered a crime.

Any feedback on cases like this?

 


MatrixLloyd.com
Posted: Friday, July 3, 2009 6:58 PM
Joined: 19/05/2008
Posts: 52


No. It looks as if this will be a matter governed by Mexican law, as the vessel is located in Mexican waters. The problem is that, whatever opinion a Mexican lawyer gives you, you may need to seek further opinions is whichever countries the yacht is going to then visit, if it looks likely that the courts of such additional countries will not recognise the relevant rights and responsibilities under Mexican law. I can provide details of a suitable Mexican maritime lawyer if you want. Benjamin Maltby. MatrixLloyd. info@matrixlloyd.com
Anonymous
Posted: Friday, July 3, 2009 6:59 PM
I'm not sure what the Mexican law says, but wouldn't it be fair to say that since the owner (and i'm guessing here) was probably american and the bank that financed the vessel was also american. Wouldn't it also be fair to say that it doesn't matter where that vessel is once the owner stops paying his payments, the bank has a right to repo the vessel and doesn't owe anybody else anything to get their asset back. I mean, knowing what I know about Latin american bureaucracy, the bank could have gone bust before the vessel was released for them to resell. Just a thought. Obviously I'm just supposing here.
 
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