If you’re a US vessel owner, you know it’s essential to file a Notice of Claim of Lien (NOCL) whenever work is done on your boat. The boat owner is usually responsible for paying for necessary repairs or replacement of any equipment on board in case of an accident or casualty. If the vessel is damaged due to the owner’s carelessness, the owner must pay for the repairs.
Consider submitting a Notice of Claim of Lien before beginning work to secure your financial interests against such costs. Should the vessel owner fail to make payments on a debt, the creditor with a security interest in the documented vessel may file a Notice of Claim of Lien. Generally speaking, legal representation is not required to file a Notice of Claim of Lien.
It is essential to understand how bankruptcy will impact your claim and whether or not it will be recorded in public or private records before filing. Here are some scenarios where a Notice of Claim of Lien would be necessary.
Read more about Notice of Claim of Lien at Vessel Documentation Online.