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Selling A Vessel Free And Clear Of A Maritime Lien Pursuant To Section 363 Of The Bankruptcy Code, Aram Movaseghi
Selling A Vessel Free And Clear Of A Maritime Lien Pursuant To Section 363 Of The Bankruptcy Code, Aram Movaseghi
Bankruptcy Research Library
(Excerpt)
Under title 11 of the United States Code (the “Bankruptcy Code”), a debtor in possession or trustee may sell property of the debtor’s estate. However, a lien on a maritime vessel may make such a sale challenging, in particular because of jurisdictional issues. When a debtor’s assets become subject to the jurisdiction of both admiralty and bankruptcy cases, a complex conundrum arises. Maritime bankruptcies have generated complex legal issues and jurisdictional conflicts that have perplexed practitioners and implicated significant constitutional issues.
Under section 363 of the Bankruptcy Code, a debtor or trustee may seek authority from the court to …