Florida Lender Sues Miami Yacht Owners Following Loan Default and Repossession of Sunseeker Portofino Vessel
ST Liberty LLC, a commercial entity operating out of Fort Lauderdale, Florida, has initiated an admiralty action in the United States District Court for the Southern District of Florida against Miami boat owners Miguel A. Torres and Susan R. Torres. The maritime complaint, registered under Case Number 1:26-cv-26378-JEM, asserts claims under the federal Ship Mortgage Act to collect on an outstanding deficiency balance following the repossession and commercial liquidation of a 2004 forty-six foot Sunseeker Portofino motor yacht known as the Nadine.
Maritime Financing Dispute Arises from Default on Promissory Note Secured by Preferred Ship Mortgage
According to the filed pleadings, the dispute traces back to March 4, 2024, when ST Liberty LLC executed a promissory note, disclosure agreement, and security agreement with both defendants for a total principal financing amount of $70,164.44. As collateral security for the credit extended, the borrowers granted and assigned a first preferred ship mortgage on the motor vessel Nadine, a luxury Sunseeker Portofino bearing Official Number 1190550. The preferred mortgage documentation had previously been perfected and recorded with the United States Coast Guard National Vessel Documentation Center, with the formal assignment of mortgage to the plaintiff officially recorded with the federal documentation center in early January 2025. Under the governing financing structure, the borrowers were contractually required to pay monthly installments of $1,980.39, but the lender alleges the borrowers defaulted after failing to tender the required sums due in November and December 2024.
Vessel Repossession and Commercial Liquidation Under Maritime and Florida Secured Transaction Law
Upon default by the vessel owners, the lender proceeded with formal debt acceleration and asset recovery procedures. On December 23, 2024, ST Liberty issued a written notice of acceleration alongside a statutory notification informing the borrowers of its plan to sell the collateral property. The lender regained possession of the Sunseeker motor yacht in accordance with the Uniform Commercial Code and applicable Florida secured lending statutes. The complaint states that the motor yacht was ultimately sold in a commercially reasonable manner on May 2, 2025, yielding a gross recovery of $49,500.00. Despite liquidating the underlying security, the proceeds from the private sale were insufficient to satisfy the full debt balance once legitimate repossession fees, administrative overhead, and enforcement costs were deducted from the transaction.
Plaintiff Pursues In Personam Breach of Contract Claims for Deficiency Judgment and Per Diem Interest
The complaint asserts two individual counts of breach of contract, targeting Miguel A. Torres and Susan R. Torres respectively in personam. ST Liberty contends that both defendants possessed individual, binding contractual duties to remit the scheduled loan payments and breached those obligations by withholding payment. The final accounting compiled following the vessel liquidation left an unpaid deficiency balance of $37,002.52 as of May 2, 2025. In addition to the primary deficiency sum, the lender seeks ongoing per diem prejudgment interest accruing at $25.33 daily through the date of final judgment, along with court filing costs, post-judgment interest, and contractual attorney fees authorized under the terms of the underlying security agreement and preferred mortgage covenants.
Legal Guidance for Vessel Owners and Maritime Borrowers Facing Ship Mortgage Enforcement and Loan Defaults
Disputes arising out of maritime loan contracts, federal ship mortgages, and vessel repossession sales require a thorough understanding of admiralty jurisdiction and commercial shipping law. Whether dealing with vessel financing obligations, personal injury claims, or complex maritime property enforcement, understanding legal remedies under federal admiralty law is essential. If you are navigating a maritime dispute or seek experienced legal guidance concerning your rights under federal maritime law, reach out to our legal team today to evaluate your case options.
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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.
