What is the scope of Admiralty Law with respect to vessel finance and security?

Admiralty Law in Florida governs maritime matters that involve vessel finance and security. Vessel finance and security refer to the rights and obligations of the vessel owner, lender, and other parties in a loan agreement or security instrument. It is within Admiralty Law that the owner, borrower, and other secured parties set the terms of the loan agreement or security instrument, such as the interest rate, repayment terms, and other fees and costs associated with the vessel. Admiralty Law also provides guidance with respect to the registration of vessel with the U.S. Coast Guard, including the requirements for vessel documentation, which must be maintained by the owner or lender for the duration of the loan or security agreement. Additionally, Admiralty Law determines the rights of owners and lenders in the event of a dispute, such as the right to possess the vessel, the right to foreclosure and repossession, and the right to sue for damages. Lastly, Admiralty Law outlines the procedures for the sale of a vessel, in the event that foreclosure or repossession becomes necessary. This includes the right of the owner or lender to publicly advertise the vessel for sale, and the terms of the sale, such as any restrictions or conditions placed on the buyer. In addition, Admiralty Law also outlines the procedures for the distribution of the proceeds from the sale of a vessel, and the rights of the owner and lender with respect to the remaining debt obligation.

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