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No.3 of Ten Model Cases in Maritime Trials: JP Morgan Chase & Co v. Seastream Shipping Inc. (Case of Dispute over Ship Mortgage)
海事审判十大典型案例之三:JP摩根大通银行与海流航运公司船舶抵押权纠纷案
【法宝引证码】

No.3 of Ten Model Cases in Maritime Trials: JP Morgan Chase & Co v. Seastream Shipping Inc. (Case of Dispute over Ship Mortgage)
(Case of Dispute over Ship Mortgage)
海事审判十大典型案例之三:JP摩根大通银行与海流航运公司船舶抵押权纠纷案
No.3 of Ten Model Cases in Maritime Trials: JP Morgan Chase & Co v. Seastream Shipping Inc. (Case of Dispute over Ship Mortgage) 

海事审判十大典型案例之三:JP摩根大通银行与海流航运公司船舶抵押权纠纷案

1. Case Summary (一)案情摘要
On June 19, 1997, JPMorgan Chase & Co (hereinafter referred to as “JPMorgan Chase”) and five borrowers including Seastream Shipping Inc. (hereinafter referred to as “Seastream Company”) entered into a loan agreement, which stipulated that JPMorgan Chase provided a loan of 35 million USD to the five borrowers. On June 27 of the same year, JPMorgan Chase and Seastream Company signed a warranty deed, which stipulated that “M.T.Mariner” owned by Seastream Company was mortgaged to JPMorgan Chase to establish the primary senior mortgage for the loan of 35 million USD, and both parties handled the mortgage registration formalities at the place of the registrar of the Bahamian vessel in London. On July 7, 1999, JPMorgan Chase and Maritime International Inc. entered into an overdraft loan agreement at a value of 2 million USD and Seastream Company consented to assume joint and several liability for repayment of the said overdraft loan. On July 18, 2000, both parties entered into another warranty deed, in which “M.T.Mariner” was mortgaged and registered again for the overdraft loan of 2 million USD. On March 14, 2002, JPMorgan Chase filed a petition for the withholding of “M.T.Mariner” with the Guangzhou Maritime Court on the ground that Seastream Company was in arrears of the mortgage loan principals and interest of 7,323,377.26 USD. Afterwards, the Court entered a ruling to withhold the vessel. On March 22, JPMorgan Chase instituted a lawsuit in the Guangzhou Maritime Court. Upon petition of JPMorgan Chase, “M.T.Mariner” was auctioned according to the law and it was purchased by JPMorgan Chase at the price of 5.94 million USD.
......
 1997年6月19日,JP摩根大通银行(以下简称摩根大通)与包括海流航运公司(以下简称海流公司)在内的五借款人订立贷款合同,约定由摩根大通向五借款人提供贷款3500万美元。同年6月27日,摩根大通与海流公司签订担保契据,约定以海流公司所有的“航海者”轮向摩根大通抵押,为3500万美元贷款设立第一优先抵押权,并在伦敦巴哈马籍船舶注册官处办理了抵押登记手续。1999年7月7日,摩根大通与海运国际公司签订了一份200万美元透支贷款协议,海流公司同意对该透支贷款承担连带清偿责任。2000年7月18日,双方又签订第二份担保契据,以“航海者”轮再次为200万美元透支贷款设立抵押并进行了登记。2002年3月14日,摩根大通以海流公司拖欠其抵押贷款本息7323377.26美元为由,向广州海事法院申请扣押“航海者”轮,随后该院裁定扣押了该轮。3月22日摩根大通在广州海事法院提起诉讼。后经摩根大通申请,“航海者”轮被依法拍卖,由摩根大通以594万美元买得。
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