Commercial Maritime Law

1. If the owners of goods make payments as security for their respective contributions to general average losses, the funds shall be immediately deposited in a joint account opened under the names of both the representative of the operator and the representative of the cargo owners who deposited such funds at a bank agreed upon by the parties. Such funds shall be used as security for any liability arising from general average, and shall not be used or refunded, except upon a written authorization by the party undertaking the final settlement. 2. In case of disagreement, the competent court shall appoint a representative for the cargo owners and designate the bank where the funds shall be deposited.