BoatWiki - Definitions
A repossession in boating terms can be defined as the physical act of arresting or recovering a boat that is subject to a loan foreclosure. Although only an element thereof, it is often conflated with the terminology of a "foreclosure" which is an overall process of liquidating the collateral.
Depending on the circumstances, a boat may be arrested by a federal marshal or recovered by a private party. As with any type of physical repossession, it must be performed in a non-combative manner and in such a way as to avoid damaging the subject boat. In any event the overall foreclosure must be implemented according to the respective statutes to avoid legal ramifications. Whether handled through a court of law or non-judicially, the entire process should be handled under the auspices of a qualified attorney.
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2/28/2022 - Page initiated by Team BoatWiki.