Francis X. Nolan, a Vedder Price Shareholder and member of the firm's Global Transportation Finance team, recently authored the article "The Upside Down World of Lozman," published in Benedict on Admiralty Quarterly Bulletin (Vol. 11, No. 2). Mr. Nolan's article explores how the recent Lozman v. City of Riviera Beach decision has affected the definition of the term "vessel" by saying, "In the Supreme Court's haste to explain why Lozman's floating hovel and a host of other marginal objects should not be treated as 'vessels,' the Court has imposed a narrow vision of 'what is a vessel' and left open the possibility that 'what is a vessel' one day may be a non-vessel the next." In addition to exploring the various definitions of the word "vessel," Mr. Nolan provides commentary on the residual impact of Lozman on vessel finance and offers that the decision magnifies uncertainty in ship financing. He concludes the article by suggesting "that the time may have arrived to consider legislation to add clarity and certainty to vessel characterization, at least in respect of documentation and preferred mortgages, both as to validity and enforceability."

Mr. Nolan and other Vedder Price Shareholders have previously weighed in on the Lozman case in the following publications: What Is a "Vessel"?, Recent U.S. Supreme Court Opinion Could Have Major Implications For Maritime-Related Industries, Vedder Price Issues Statement on U.S. Supreme Court Decision Regarding Maritime Jurisdiction and U.S. Supreme Court Amicus Brief Filed on Maritime Jurisdiction.

To read Mr. Nolan's article from Benedict on Admiralty Quarterly Bulletin in its entirety, please download the attachment below.