The Rules of Procedure for Admiralty Cases

Section 1

After finality of judgment, a ship or cargo which has been subject of a warrant of arrest, and has remained in custodia legis due to failure to file the appropriate bail bond, may be sold at public auction as directed by the court to satisfy the maritime claim upon motion of the prevailing party.

Section 2

Upon motion of the prevailing party for the sale of the arrested ship or cargo, the court may, within five (5) calendar days, cause the appointment of one or more appraiser/s who shall assign a value of the ship or cargo, and assist the Sheriff in the sale of the property. Appraisers shall be appointed taking into account their specialized knowledge and expertise in the classification and valuation of ships, and familiarity with ships and ship management or operations. Appraisers shall be entitled to compensation in the same manner as Sheriffs of the court, out of the proceeds of the sale.

Section 3

In case a judgment is rendered and there are numerous prevailing parties in an action in rem, they may file a motion before the court to determine the priority of the claims against the proceeds of the sale of the ship.