Florida Bank Sues Yacht Owner and Vessel Slow Ur Roll II Following Default on Preferred Ship Mortgage
Seacoast National Bank, a financial institution authorized to conduct business in Florida, has initiated a maritime foreclosure and breach of contract lawsuit in the Southern District of Florida. The legal action, filed under Case No. 0:26-cv-60289-WPD, targets both the vessel M/V Slow Ur Roll II, a 2008 Everglades 350LX Express, and its owner, Starboard Yacht Group LLC. The bank alleges that the borrower defaulted on a high-value marine loan and subsequently violated federal maritime law by allowing unauthorized liens to be placed against the documented vessel.
Seacoast National Bank Files Maritime Foreclosure Against 2008 Everglades 350LX Express in Fort Lauderdale
According to the verified complaint, the dispute stems from a substantial loan agreement executed in July 2020. Seacoast National Bank provided Starboard Yacht Group LLC with a principal sum of $176,503.10, which was secured by a First Preferred Ship Mortgage on the vessel Slow Ur Roll II. This mortgage was officially recorded with the United States Coast Guard Vessel Documentation Center in compliance with federal statutes. The bank asserts that the borrower failed to make the required monthly installments for November and December 2025, triggering an acceleration of the entire debt. Under the terms of the maritime security agreement, the bank is now seeking to arrest the vessel and sell it at a court-ordered auction to satisfy the outstanding balance.
Yacht Owner Starboard Yacht Group LLC Accused of Breaching Maritime Loan and Permitting Unauthorized Liens
Beyond simple payment defaults, the lawsuit highlights a significant breach of the mortgage terms regarding the vessel’s title and encumbrances. Seacoast National Bank alleges that Starboard Yacht Group LLC permitted another entity, Locality Bank, to record a secondary preferred ship mortgage on the vessel in June 2024 without obtaining prior written consent. This action reportedly violated specific covenants within the original loan documents designed to protect the primary lender’s priority status. Furthermore, the bank claims the borrower failed to make the vessel available for a mandatory inspection following the initial default, further complicating the recovery process and necessitating formal judicial intervention in the Fort Lauderdale division.
Federal Lawsuit Seeks Judicial Sale of Documented Vessel to Recover Unpaid Principal and Interest
The complaint includes two primary counts: a foreclosure of the ship mortgage in rem against the vessel itself and a breach of note claim in personam against the corporate owner. As of late January 2026, the bank calculates the total indebtedness at over $145,000, which includes the unpaid principal, accrued interest, and a daily interest rate of approximately $70.54. Because the Slow Ur Roll II is a documented vessel of the United States, Seacoast National Bank is exercising its rights under the Ship Mortgage Act to enforce its lien through a civil action in admiralty. The bank has requested that the court declare its mortgage superior to all other claims, except for preferred maritime liens, and allow for a credit bid during the eventual sale of the boat.
Plaintiff Demands Recovery of Attorney Fees and Costs Associated with Marine Vessel Arrest and Foreclosure
In addition to the recovery of the loan balance, the plaintiff is seeking to hold the defendants responsible for all legal expenses incurred during the collection and foreclosure process. This includes reasonable attorney fees, the costs of the arrest, and expenses related to a substitute custodian to maintain the vessel while it is in U.S. Marshals’ custody. The bank asserts that all conditions precedent to bringing the action have been met or waived. As the vessel is believed to be located within Broward County, the bank is moving forward with the seizure to ensure the collateral is not moved out of the jurisdiction before the claims are resolved.
Contact an Experienced Maritime Lien and Ship Mortgage Lawyer to Protect Your Rights in Vessel Disputes
Navigating the complexities of maritime law requires a deep understanding of federal statutes and the specific procedures for vessel arrests and foreclosures. Whether you are a lender seeking to protect your security interest or an owner facing a maritime lien, it is essential to have skilled legal representation to manage the intricate requirements of the Ship Mortgage Act. If you are involved in a dispute involving a documented vessel, boat foreclosure, or maritime contract breach, our team is ready to provide the guidance you need.
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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.
