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JUDICIAL SALE OF SHIPS Aurelio Fernández-Concheso CMI - Argentina Octubre 2010

JUDICIAL SALE OF SHIPS Aurelio Fernández-Concheso CMI - Argentina Octubre 2010. Questionaire 1-. The concept of judicial sales of ships

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JUDICIAL SALE OF SHIPS Aurelio Fernández-Concheso CMI - Argentina Octubre 2010

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  1. JUDICIAL SALEOF SHIPS Aurelio Fernández-Concheso CMI - Argentina Octubre 2010

  2. Questionaire • 1-. The concept of judicial sales of ships • 1.1 -. Is the term judicial sale or judicial sale of ship (or a similar term such as forced sale) defined in the law of your jurisdiction? If yes, please provide the definition. If not, please explain what kind of sale of ship equates to a judicial sale of ship by which all liens or charges or encumbrances attached to the ship before the sale will be extinguished? • 1.2 -. For what purpose may a judicial sale of ship be initiated and conducted in your jurisdiction?

  3. 1.3 -. In what circumstances and on what conditions may a judicial sale of ship be initiated and conducted in your jurisdiction? • 1.4 -. Will a judicial sale of ship in your jurisdiction necessarily be conducted by or under the control of a court? • 1.5 -. Is auction the only method of judicial sale of ships in your jurisdiction? If not, please list and explain in detail all other ways, such as private treaty, which may be used for judicial sales of ships?

  4. General Definitions • Judicial Sale • It is a transfer of title or sale of goods which is conducted by a court order or by an official appointed by the court. • The transfer tittle to and possession of a debtor's property to another one in exchange for a price determined in proceedings that are conducted under a judgment or an order of court by an officer duly appointed and commissioned to do so.

  5. Forced Sale • Refers to the sale of ship ordered by a court after the ship is being arrested or seized for the purpose of enforcement of a maritime lien or mortgage or hypotheque or charges of the same nature on ships.

  6. Rules of Procedure for a Judicial Sale • A set of rules which governs the procedure in which a claim either based on a maritime lien, maritime credit or maritime mortgage or hypoteque is developed ending in the transfer of title of the vessel as a result of such procedure.

  7. Alternatives for initiation or • cause of the sales • 1-. Enforcing a judgment, award or enforcement title related to a maritime lien, mortgage or hypothec or indeed other types of credit.

  8. Procedure for the sale 1-. Directly by the Court. 2-. Or where not directly by the Court by direct supervision of the same or one of its officers, such as a Marshall.

  9. Especific forms for the sale 1-. An auction or 2-. Related methods such as a private sale or through a broker but in terms and conditions that must be appropriately approved by the judicial entity under whose authority it has been imposed.

  10. Conclusions • Governed in most legislations in either the maritime or procedural legislation. • 2. Governed in a way in which there is a set of rules in respect of the judicial sale but not express definition thereof. • 3. Possible for the purposes of enforcing a judgment, award or enforcement title related to a maritime lien, mortgage or hypothec or indeed other types of credit.

  11. 4. Usually effected directly by the Court or where not directly by the Court by direct supervision of the same or one of its officers, such as a Marshall. 5. Normally effected through an auction but also through related methods such as a private sale or through a broker but in terms and conditions that must be appropriately approved by the judicial entity under whose authority it has been imposed.

  12. AURELIO FERNÁNDEZ-CONCHESO Email: clyde.co@cantv.net

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