Delaware Company and Resident Sued by Seacoast National Bank Over Defaulted Loan and Unpaid Mortgage on M/Y Octopussy
Seacoast National Bank has filed a maritime legal action in the Southern District of Florida against Contessa Marine Research, LLC, a Delaware limited liability company, and Anthony Ivanovich, a Florida resident. The lawsuit, filed under Case No. 1:25-cv-25958-DPG, involves allegations of a significant breach of contract and breach of guaranty related to a multimillion-dollar business loan secured by a foreign ship mortgage on the vessel known as the M/Y Octopussy.
Seacoast Bank Alleges Breach of Maritime Loan Agreement and Failure to Insure M/Y Octopussy Vessel
According to the federal complaint, the financial dispute traces back to August 2021 when Contessa Marine Research, LLC entered into a formal business loan agreement and promissory note with Seacoast Bank for the principal sum of $2,015,400.00. To secure this substantial advancement of funds, the borrower granted the bank a foreign ship mortgage registered in Jamaica on the vessel M/Y Octopussy. The bank alleges that the defendants have defaulted on their contractual obligations by failing to make the required installment payments as agreed upon in the loan documents. Furthermore, the complaint highlights a critical breach of the maritime security agreement, noting that the defendants failed to maintain required insurance coverage for the vessel, which further jeopardizes the bank’s collateral.
Anthony Ivanovich Named in Breach of Commercial Guaranty Lawsuit Following Default on Yacht Loan
In addition to the claims against the corporate entity, Seacoast Bank has brought a specific count against Anthony Ivanovich in his individual capacity. The lawsuit alleges that Ivanovich entered into a commercial guaranty as further security for the monies advanced to Contessa Marine Research. Under the terms of this guaranty, Ivanovich unconditionally guaranteed the performance of the borrower under the business loan agreement and the ship mortgage. Because the borrower failed to satisfy its debt, the bank asserts that Ivanovich is now individually liable for the entire outstanding balance. The bank contends that all conditions precedent to filing the lawsuit have been satisfied, including the delivery of a formal notice of default and acceleration of the debt sent via certified mail in November 2025.
Florida Bank Seeks Recovery of Over 1.5 Million Dollars Plus Interest and Attorney Fees in Admiralty Action
The financial stakes of the litigation are high, as Seacoast Bank seeks to recover the full remaining balance of the loan. As of mid-November 2025, the bank alleges that the defendants owe a principal amount of $1,549,773.47. In addition to the principal, the bank is seeking over $8,000 in accrued interest, along with ongoing per diem interest that continues to accumulate until a final judgment is reached. The complaint also emphasizes that under the terms of the note and mortgage, the bank is entitled to recover reasonable attorney fees and legal costs incurred during the prosecution of this collection and foreclosure action. The bank is asking the court to enter a joint and several judgment against both the Delaware company and the individual guarantor to satisfy the outstanding maritime debt.
Maritime Financing and Ship Mortgage Foreclosure Attorneys for Vessel Debt Recovery Actions
Lenders and financial institutions involved in maritime financing must navigate complex federal laws like the Ship Mortgage Act to protect their interests in high-value assets. When a borrower defaults on a yacht loan or fails to maintain mandatory hull insurance, it is essential for the lender to take swift legal action in a division with proper admiralty jurisdiction. If you are a vessel owner facing a foreclosure action or a lender seeking to enforce a maritime lien or ship mortgage, understanding your rights under federal maritime law is the first step toward a resolution. Our legal team monitors significant maritime filings in the Southern District of Florida to stay at the forefront of yacht litigation and maritime contract disputes.
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Disclaimer: Our firm does not represent the plaintiff in this case and is not involved in the litigation. The information provided is a summary of allegations based on publicly available court filings. We make no representations about the truth of these allegations, are not commenting on the merits of the case, and are not predicting any outcome.
