Florida Yacht Owner Sued by Provident Bank Over $18,000 Loan Default Tied to M/Y Triplet Marine Mortgage
Provident Bank has filed a federal maritime lawsuit in the Southern District of Florida under Case No. 9:25-cv-80809, seeking to recover nearly $19,000 from Palm Beach resident Theodore Tarone following an alleged default on a vessel loan agreement secured by the motor yacht M/Y Triplet. The complaint, brought under the federal Ship Mortgage Act, seeks enforcement of a vessel mortgage originally executed in 2005 and reassigned to Provident.
Provident Bank Alleges Vessel Loan Default on M/Y Triplet Following Years of Missed Payments by Tarone
According to the complaint, Tarone entered into a Vessel Installment Loan Note and Security Agreement on June 25, 2005, originally issued by First Commercial Corporation of America for a principal sum of $110,240 with 5.5% interest. As collateral, Tarone granted a mortgage on the M/Y Triplet, which was duly recorded with the U.S. Coast Guard. The loan and mortgage were later assigned to Provident Bank, which now claims the borrower stopped making payments in 2024, breaching his obligations under the loan documents.
Provident Seeks Enforcement of Marine Mortgage and Recovery of Legal Fees for Breach of Contract
The lawsuit demands repayment of $18,962.46 in principal and interest as of June 3, 2025, with interest accruing at $3.28 per day thereafter. Provident also seeks attorney’s fees and litigation costs as provided in the original loan agreement and vessel mortgage. The bank asserts that it has fulfilled all conditions precedent to file the action and has been forced to retain legal counsel to recover the debt owed by Tarone. Venue is proper in the Southern District of Florida because Tarone resides in Palm Beach County.
South Florida Admiralty Complaint Filed Under Ship Mortgage Act Over Yacht Loan Dispute
The lawsuit was filed as an admiralty and maritime action under Rule 9(h) and 46 U.S.C. § 31325 of the Ship Mortgage Act. Provident seeks a judgment for breach of contract, asserting that Tarone failed to honor the terms of his loan and security agreement. The legal action underscores the enforceability of documented marine mortgages and the risks vessel owners face when defaulting on maritime-secured loans.
Contact a Maritime Finance and Vessel Mortgage Lawyer If Facing Default or Collection Action
Marine loan defaults and vessel mortgage disputes often invoke the protections of the Ship Mortgage Act and require prompt legal action by both lenders and vessel owners. If you are involved in a yacht loan dispute, vessel repossession claim, or marine finance collection matter, our experienced maritime attorneys can help you understand your rights and responsibilities under federal admiralty law.
Contact us now to consult with a maritime loan enforcement attorney.