Deutsche Bank Trust Company Americas v Motor Vessel Sertao, Owners of

Deutsche Bank Trust Company Americas v Motor Vessel Sertao, Owners of

The vessel is a diminishing asset due to ongoing maintenance costs exceeding its appraised value, justifying a sale pendente lite. The appointment of joint brokers, Pareto and Kellocks, is appropriate given the vessel's specialist market and the need for both market expertise and court process experience. The broker commission should be split, subject to agreement.

Parties
Claimant: Deutsche Bank Trust Company Americas; Defendants: Owners of the Motor Vessel Sertao; Cautioner Against Release: STX Service Americas LLC
Jurisdiction
England and Wales
Judgment Date
04 May 2018
Procedural Posture
Admiralty Claim in Rem / Application for Order for Sale Pendente Lite
Outcome
Order for sale pendente lite granted, subject to conditions.
Legal Topics
Mortgage Enforcement, Judicial Sale of Vessels, Appointment of Brokers, Court Fees, Diminishing Assets
Admiralty Banking and Finance Mortgage Enforcement Judicial Sale of Vessels Appointment of Brokers Court Fees Diminishing Assets

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Parties

Deutsche Bank Trust Company Americas

Claimant

Owners of the Motor Vessel Sertao

Defendants

STX Service Americas LLC

Cautioner Against Release

Procedural Posture

Admiralty Claim in Rem / Application for Order for Sale Pendente Lite

Legal Issues

  1. 1 Whether the court should order a sale pendente lite of the MV Sertao
  2. 2 Whether the Admiralty Marshal should appoint the claimant's broker or the usual broker
  3. 3 How broker commission should be split

Ratio Decidendi

The vessel is a diminishing asset due to ongoing maintenance costs exceeding its appraised value, justifying a sale pendente lite. The appointment of joint brokers, Pareto and Kellocks, is appropriate given the vessel's specialist market and the need for both market expertise and court process experience. The broker commission should be split, subject to agreement.

Court Disposition

Order for sale pendente lite granted, subject to conditions.

Orders

  • Sale of MV Sertao pendente lite ordered.
  • Marshal to appoint Pareto and Kellocks as joint brokers, subject to agreement on commission split.