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BoatWiki - Definitions

Definition


A foreclosure in boating terms can be defined as the overall process of liquidating a boat that is subject to a secured loan, lien claim, or seizure. This typically involves a physical repossession or impoundment that culminates in an ultimate sale as authorized by law. There are four different types of foreclosures which are known as judicial, non or extra-judicial, governmental, and voluntary.  Whenever a judicial action is non-contested it may be referred to as a summary foreclosure.

Meaning


Most foreclosures result from a default in the terms of a secured boat loan. There are, however, various circumstances under which these may occur. They include a mechanic's lien, unpaid debts, and other claims against the boat itself. Judicial foreclosures are those which have been authorized by a court of law. Non-judicial are those performed under state or federal laws that eliminate the need for judiciary supervision. Governmental foreclosures typically involve boats that have been seized or impounded. Voluntary foreclosures are of course, those which take place with the cooperation of the owner.

Context


The manner in which a boat is registered, titled, or documented will often dictate the options under which a foreclosure may occur. Full debt recovery may also become a factor. A preferred mortgage for instance can be foreclosed through a federal marshal's sale or according to self-implemented non-judicial methods. Uniform Commercial Code filings may also become self-foreclosed. The options for other liens and claims may vary depending on the circumstances and jurisdictional applications.

Conclusion


Imposition of non-judicial foreclosures must be applied in strict conformity with applicable regulations. A foreclosing party may otherwise incur liability for an unauthorized conversion of the owner's property. Non-judicial foreclosures should, therefore, always be performed under the guidance of a qualified attorney.


Credits and References

2/23/2022 - Page initiated by Team BoatWiki.
4/25/2022 - Page revised.




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