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Apr 21, 2011

OCEANA buys trawlers, but boats netted in litigation

This morning in the Supreme Court, Attorney Fred Lumor appeared on behalf of the Development Finance Cooperation (D.F.C.) before Justice Michelle Arana seeking an injunction against Northern Fishermen Cooperative. On April thirteenth, the coop was paid seven hundred and fifty thousand dollars by OCEANA Belize for the sale of two fishing trawlers in the heels of a ban on fish trawling in Belizean waters. The matter was heard ex parte and from what we have learnt Justice Arana granted D.F.C. the injunction and ordered that Northern Fishermen cannot spend the money from the sale of the trawlers.  The matter was then adjourned for May eleventh, when all sides will appear again before the Supreme Court. D.F.C. sought the injunction because the trawlers form part of a mortgage by Fishing Cooperative that fell behind in payments and subsequently had to refinance in 2007.

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3 Responses for “OCEANA buys trawlers, but boats netted in litigation”

  1. mylegacyb4mypeople says:

    If these trawlers were collateral on a mortgage with DFC should not DFC had held onto the title of the trawlers which would have prevented the fisherman’s co-operative from selling them or is things done differently in Belize? Remember, My Legacy B 4 My People.

  2. kinslito says:

    Interesting observation. I agree. I definitely couldn’t sell my house while under mortgage without first settling the balance.

  3. HANZ says:

    In the olden days equitable mortgages required the mortgagor to hold on to the title of property. Things are now modern and a legal mortgage is effected withoutthe need to hold on to title to property and transfer it back once the mortgage is redeemed. What is now done is that a mortgage is registered so that no one can try and pull a fast one and say that they are a bona fide purchaser for value without money A.K. equity’s darling. That’s why when you mortgage your house the bank does not asa rule of thumb hold onto your title unless they think you are a tricky customer who is a flight risk.

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