Shibamato & Co. Ltd. and others v. Louis de Arias and others (The Nicolle N) - Fed.Ct. (Trial Div.) (Rouleau J.) - 11 September 1991

Admiralty practice - Vessel mortgagees obtain alternative pro tanto security - Whether mortgagees entitled to maintain caveat against payment out

The vessel Nicolle N was arrested by the plaintiffs on 16 September 1988. Bail was fixed in the amount of U.S. $1,300,000. The plaintiffs’ action was for conversion. The plaintiffs filed a caveat release of the vessel based on a claim for money due and owing under a fourth mortgage against the vessel.