Mr. Ess, the owner of the SS Skimpy and an American citizen, borrows money from MultiBank in
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Mr. Ess, the owner of the SS Skimpy and an American citizen, borrows money from MultiBank in London to outfit his ship, giving the bank a maritime lien. Mr. Ess sells the Skimpy to Mr. Tee, a Canadian. Mr. Tee is unaware of the lien and unaware that Mr. Ess has defaulted on the loan. When the ship pulls into a British port, the bank arranges for it to be arrested and sold to pay off the balance due on the loan. Can the bank do this?
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The answer to this questions lies in maritime law specifically the law of maritime liens and ship ar...View the full answer
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Related Book For
International Business Law Text Cases And Readings
ISBN: 9780273768616
6th International Edition
Authors: Ray A. August, Don Mayer, Michael Bixby
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