Florida Corporation Sues Luxury Yacht “The Aviatrix” to Foreclose $1 Million Mortgage Following Loan Default
E.R. Truck & Equipment Corporation, doing business as East Harbor, has filed a verified maritime complaint in the Southern District of Florida to foreclose a preferred ship mortgage against the motor yacht The Aviatrix. The lawsuit, filed under Case No. 0:25-cv-62624-DSL, names the vessel itself, along with Crystal Marine Ventures Ltd. and Julio J. Marquez, as defendants following the breach of a maritime loan agreement totaling over $1 million.
East Harbor Seeks Foreclosure of Preferred Mortgage on 88-Foot Maiora Yacht Following Payment Breaches
The legal action centers on a Marine Note and Security Agreement executed on April 16, 2025, in which Crystal Marine Ventures Ltd. borrowed $1,073,890.00 from East Harbor to finance its interest in the vessel. The debt was secured by a Statutory Mortgage registered with the British Virgin Islands Registry of Shipping. According to the complaint, the borrower failed to make required monthly payments starting shortly after the initial installment became due in May 2025. East Harbor asserts that these ongoing payment failures constitute material events of default, entitling the lender to accelerate the full balance of the loan and seek the arrest and sale of the luxury motor yacht.
Luxury Yacht Face Arrest in Florida Waters Over Unpaid $1.07 Million Marine Note and Covenant Breaches
The complaint alleges that the defendants breached both monetary and non-monetary obligations under the governing loan documents. In addition to the missed payments, Crystal Marine Ventures Ltd. is accused of violating covenants in the Deed of Covenants, which required the borrower to maintain the yacht in a seaworthy condition and keep it properly insured. Because The Aviatrix—a 2014 88-foot Maiora motor yacht—is currently located within the Southern District of Florida, East Harbor has petitioned the court for an in rem warrant of arrest to enforce its preferred mortgage lien. The lender is seeking a court-ordered sale of the vessel to recoup the outstanding principal, accrued interest, and enforcement expenses.
Florida Individual Sued as Personal Guarantor for $1 Million Debt Following Yacht Loan Default
Alongside the in rem claim against the yacht, East Harbor has brought in personam claims against Crystal Marine Ventures Ltd. and Julio J. Marquez. Marquez is named in the suit as a personal guarantor of the debt. On the same day the Marine Note was signed, Marquez reportedly executed a Continuing Guaranty, unconditionally guaranteeing the prompt payment of all Crystal Marine’s obligations to the lender. The lawsuit alleges that despite written demands for payment following the loan’s acceleration, Marquez has failed and refused to honor the guaranty or cure the defaults. East Harbor is seeking a judgment holding Marquez jointly and severally liable for the full accelerated indebtedness.
Maritime Lender Demands Judgment for Accelerated Loan Balance and Immediate Sale of Arrested Vessel
East Harbor is pursuing multiple counts including foreclosure of the preferred ship mortgage and breach of contract. The plaintiff seeks a final judgment in excess of $1,073,890.00, plus default interest, marshal’s fees, custodial costs, and reasonable attorneys’ fees as provided for in the original loan documents. The complaint emphasizes that all conditions precedent to the foreclosure have been satisfied and that the lender is entitled to full recovery from both the sale of the vessel and the personal assets of the guarantors.
Contact a Maritime Finance and Vessel Foreclosure Lawyer Today if You Are Facing Debt Collection or Lien Disputes
Marine lenders and vessel owners involved in preferred mortgage disputes, vessel arrests, or maritime lien foreclosures should seek legal counsel to protect their financial interests. Federal maritime law provides specific, time-sensitive remedies for the enforcement of ship mortgages and the recovery of maritime debts. If you are navigating a complex maritime contract dispute or need assistance with the foreclosure of a vessel mortgage, contact our team of experienced maritime attorneys today. We are prepared to help you understand your rights and secure your collateral under general maritime law.
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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.
