Yacht Mortgagee Appropriately Sold Yacht Pursuant to Mortgage

| Mar 15, 2013 | Firm News

A yacht mortgagor argued that the mortgagee was barred from pursuing him for a deficiency on the sale of a repossessed yacht because it did not give the mortgagor notice of the time and place of the sale as required by one section of the mortgage.  The First Circuit held that in the event of default the mortgage gives the mortgagee the right to proceed in several different ways including a different section that permitted sales pursuant to the applicable law, i.e., the Florida UCC.  The Circuit Court held this section did not require notice of a specific time and place of the sale.  Barclays Bank PLC v. Poynter, No. 11-2289 (1st Cir. Mar. 13, 2013).



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