right of repossession
I am selling a commercial fishing boat and was advised to get a ''right of repossession agreement'' from the buyer, who is signing a promissary note for the upaid balance of the transaction. Is there such a form??
1 Answer from Attorneys
Re: right of repossession
You probably should not be doing this sale without an experienced maritime attorney since the buyer is buying the vessel with terms. You should be considering more than just a right of repossession. You should also be considering whether to have a mortgage on the vessel, which mortgage should be registered. You also should be considering whether you want to lien various other things that you may be selling with the boat, including, in particular, fishing quotas. The right of repossession you describe sounds to me to be what is more commonly referred to as a self help provision, allowing you to repossess the vessel for non-payment, without having to secure a court order. You are going to want to be very clear as to what sorts of defaults will allow you to engage in self-help or you might find yourself encountering trouble down the road.
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