The Convention allows a ship to be released from custody upon the posting of a sufficient bond or other security. The release may be based on a decision of the court (or similar authority) that previously issued the seizure decision.
The exemption from seizure was differently shaped in connection with maritime claims arising from disputes over ownership of any vessel, disputes between co-owners of any vessel over ownership, possession, operation or benefit of that vessel, as well as a mortgage or maritime mortgage of the vessel. With respect to the said claims, the court (or other authority) may allow the person in possession of the vessel to continue to operate it, provided the person posts a sufficient bond or other security, or may otherwise regulate the operation of the vessel during the period of seizure.
Importantly, the Convention stipulates that a request for release of a vessel against security will not be considered either as an acknowledgment of liability or as a waiver of the benefit of the shipowner’s right to limit liability.
