Ruling of the Commercial Court of Krasnodar Region in Case No A32-19480/2008 dated 19/11/2008
CaseID:
CMI2662
Summary:
On 23 September 2008, the Fedor Mokryak was arrested for the claim of LLC Chernomorskyi Portovyi Service. The shipowner, Ardemar Marine Ltd, applied to release the ship upon providing the Letter of Undertaking (LOU) issued by the insurer, P&I Club British Marine Luxembourg SA.
Held: The application is granted.
According to art 368 of the Civil Code of Russia, the guarantees can be issued by banks, other financial institutions, and insurance companies. The commercial court may accept guarantees issued by insurance companies. The LOU is a sufficient security under ch 8 and art 97 of the Commercial Procedure Code of Russia. The ship is released upon providing the LOU.
Parties:
LLC Chernomorskyi Portovyi Service, Ardemar Marine Ltd, P&I Club British Marine Luxembourg SA, the Fedor Mokryak.
Other Reference:
Ruling of the Commercial Court of Krasnodar Region in Case No A32-19480/2008 dated 19/11/2008
Date:
19/11/2008
Tribunal:
Commercial Court of Krasnodar Region
Judges:
Kondratov KN
Keywords:
Ship arrest, security, preliminary measures, alternative security, letter of undertaking, insurance, ship release
Year:
Jurisdiction:
Convention: