Marine Link
Saturday, October 1, 2016

Owners not Protected from Government Changing Rules

August 19, 2004

The U.S. Court of Appeals for the Federal Circuit has reminded us that owners are not protected against adverse impacts when government changes the rules. In the instant case, a fishing vessel owner possessed a federal permit to catch fish in the U.S. Exclusive Economic Zone (EEZ). Congress then amended the law and the National Marine Fisheries Service was unable to renew the permit, making the fishing vessel unprofitable. The owner sued, alleging an unconstitutional taking of his right to the permit. The court held that, by reason of the government’s high degree of control over commercial dealings, the owner must be aware of the possibility that new regulations may adversely impact the value of the property. (HK Law)


Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News