Florida Resident Faces Federal Admiralty Lawsuit Over Default on 26-Foot Vessel Preferred Ship Mortgage
Bank OZK, an Arkansas banking corporation, has initiated an admiralty proceeding in the United States District Court for the Southern District of Florida against Florida resident Christopher Chambley and the twenty-six foot Limitless powered vessel named Livin My Best Life. The maritime action, filed under Case Number 2:26-cv-14287-AMC in the Fort Pierce Division, seeks to foreclose on a preferred ship mortgage and title lien, while asserting claims for breach of a promissory note and unjust enrichment after the borrower allegedly defaulted on his marine loan obligations.
Maritime In Rem and In Personam Action Filed in Florida Federal Court Under Admiralty Jurisdiction
According to the verified complaint, the action is brought pursuant to Rule 9(h) of the Federal Rules of Civil Procedure and Rule C of the Supplemental Rules for Admiralty or Maritime Claims and Asset Forfeiture Actions. The federal court maintains subject matter jurisdiction under maritime law statutes, including federal admiralty jurisdiction and statutory provisions governing preferred ship mortgages, alongside state law claims regarding statutory liens. The primary collateral at issue is a 2024 twenty-six foot Limitless powered vessel bearing United States Coast Guard Official Number 1353007 and Hull Identification Number LTB26017F324, which is reportedly located in St. Lucie County, Florida, alongside its engines, tackle, and appurtenances.
Vessel Owner Allegedly Breached Marine Installment Note and Security Agreement
The dispute arises from an Aircraft, Marine Product, and Recreational Vehicle Installment Note and Security Agreement executed and delivered by the defendant on June 28, 2024. Under the terms of the agreement, Bank OZK provided financing for the acquisition of the powerboat, retaining ownership and holder rights over the debt instrument. The filing states that the borrower fell into default on his payment schedule. As of May 11, 2026, the financial institution asserts that the borrower owes an unpaid principal balance of $140,626.97, accrued interest totaling $3,082.62, and late fees amounting to $160.57, bringing the total outstanding balance to $143,870.16, exclusive of ongoing interest, legal expenses, and court costs.
Bank OZK Seeks Foreclosure of Preferred Ship Mortgage and Judicial Sale of Powerboat
To secure the financing arrangement, the vessel owner granted a First Preferred Ship Mortgage pursuant to federal maritime statutory standards, which was formally filed and recorded with the National Vessel Documentation Center of the United States Coast Guard on August 6, 2024. The mortgage encumbers the vessel itself, along with all attached equipment, outboard motors, rigging, electronics, fittings, and accessories. Due to the payment default, Bank OZK has asserted counts for breach of note, unjust enrichment, mortgage foreclosure, and title lien foreclosure. The lender seeks a formal decree of foreclosure, an interlocutory or final order authorizing the judicial sale of the vessel to the highest bidder at auction, and the entry of a deficiency judgment if the liquidation proceeds do not fully satisfy the outstanding indebtedness.
Legal Guidance for Complex Maritime Contracts, Vessel Financing, and Admiralty Litigation
Navigating vessel ownership disputes, maritime lien foreclosures, preferred ship mortgage enforcement, and admiralty litigation requires a comprehensive understanding of federal maritime law and local court procedures. Whether dealing with vessel arrests, marine contract breaches, or vessel title encumbrances, understanding the procedural rules governing personal claims is vital for protecting financial and property interests. Individuals and businesses involved in marine financing disputes or maritime property claims are encouraged to review their legal rights promptly.
Contact us now to speak with an experienced maritime attorney.
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.
