Maritime Claims in Uncertain Economic Times

Featured MarEx print article from the September/October 2009 SMIT Salvage edition.

By Phil Brickman, attorney and partner with the law firm of Fowler Rodriguez Valdes-Fauli, weighs in on the complex issues of obtaining security for judgments, unpaid invoices and other maritime claims in uncertain economic times, as well as on recent developments in Supplemental Rule B Maritime Attachments.

The uncertain state of the world economy has created a rising need for maritime businesses to utilize procedural tools available under U.S. maritime law to obtain security for past due invoices and broken charter parties, collect unpaid freight, and secure arbitration awards. The Supplemental Rules for Admiralty or Maritime Claims and Asset Forfeiture Actions (“Supplemental Rules”) provide maritime businesses with the unique ability to monetarily secure these claims. Recently, the U.S. Federal Courts have rendered opinions addressing the attachment of electronic funds transfers (EF T) in intermediary banks, seizing assets of corporate alter egos, and setting standards for reducing the amount of attached assets.