In Rem Sample Clauses
The "IN REM" clause establishes that legal proceedings or rights are directed toward property itself, rather than against a specific individual. In practice, this means that a court's judgment or order will affect the status or ownership of the property, such as a ship, parcel of land, or other tangible asset, regardless of who currently possesses it. This clause is commonly used in maritime law, foreclosure actions, or asset seizures, ensuring that legal claims can be enforced even if the property's owner changes. Its core function is to provide a mechanism for resolving disputes or enforcing rights directly against property, thereby facilitating the recovery of debts or enforcement of legal interests when personal liability is not the primary focus.
POPULAR SAMPLE Copied 3 times
In Rem. The insurance policies of Contractor and any of its Subcontractors or Sub- subcontractors shall, where applicable, contain a clause providing that a claim “in rem” shall be treated as a claim against the respective Contractor, Subcontractor, Sub-subcontractor or Owner Indemnified Parties, as applicable. H.
In Rem. IN THE EVENT OF AN IN REM PROCEEDING AGAINST THE SHIP, PASSENGER HEREBY IRREVOCABLY AGREES THAT THE POSTING OF A LETTER OF UNDERTAKING FROM ANY OF WINDSTAR CRUISES’ INSURERS SHALL CONSTITUTE AN ADEQUATE AND APPROPRIATE FORM OF SECURITY FOR THE IMMEDIATE RELEASE OF THE SHIP IN LIEU OF ARREST.
In Rem. In the event of an in rem proceeding against the Ship, ▇▇▇▇▇▇▇▇▇ hereby irrevocably agrees that the posting of a letter of undertaking from any of Carrier's insurers shall constitute an adequate and appropriate form of security for the immediate release of the Ship in lieu of arrest.