Credit Europe Bank N.V v Fund Comprising the proceeds of the sale of the MV Tarik III and Others (A 80/2014)
Credit Europe Bank N.V v Fund Comprising the proceeds of the sale of the MV Tarik III and Others (A 80/2014) [2021] ZAKZDHC 17 (6 May 2021)
The court held that the Referee correctly found the demise charter was extant at the time of the judicial sale, based on direct evidence from Garanti and Caliskan and the Turkish Ship Registry. The deeming provision in section 1(3) of AJRA allows claimants to lodge claims against the fund without arresting the vessel, once the fund is constituted by judicial sale. The applicant failed to discharge the onus of proving the demise charter was terminated prior to sale. Garanti, as owner, is precluded from claiming preservation costs from the fund, as only claimants with enforceable maritime claim…
Source excerpt
- Demise Charter Liability
- Distribution Of Fund
- Preservation Costs
- Ranking Of Maritime Claims
- Admiralty Jurisdiction Regulation Act
- Costs Awards