The Federal High Court of Nigeria sitting in Lagos has issued a landmark decision1 by which it ordered the cancellation of a Bank Guarantee which was furnished as alternative security by Shipowners to secure the release of their ship from arrest. The Court ordered the cancellation of the Bank Guarantee against the backdrop of the …
The post Effect of constitution of a limitation fund on arrested ship or other security earlier furnished by the shipowner as security for a claim in the court first appeared on Hellenic Shipping News Worldwide.