The Federal Maritime Law (FML) lays the foundation for the possible seizure (arrest) of a vessel under certain conditions to claim against a maritime debt. All laws relating to maritime transactions are governed by the Federal Maritime Law of 1981.
For the purpose of clarity, a ‘Vessel’ is defined as a structure such as a ship or a container.
Assets such as a vessel owned by a party against which a judgement has been issued are subject to seizure against that claim or judgement. This can include vessels that are not specifically mentioned in the claim itself unless the claim relates specifically to the use of that vessel.
The Federal Maritime Law (FML) covers debts that can be claimed against damage, salvage, disputes, mortgage, insurance and more.
The selling price and the date on which a vessel will be sold are to be decided by the court and the sale will only be carried out after a final judgement has been issued.