Commercial Maritime Law

1. The Authority may seize the wreck of the vessel as security for the cost of removing the same. It may conduct an administrative sale of the wreck by auction and recover its debt from the proceeds, having priority over other creditors. 2. A shipbuilder or repair contractor of the vessel who is in possession thereof may invoke his right to arrest said vessel as security for any claim pertaining to vessel-related work until such claim is paid or a court order is issued releasing said vessel.