Common use of DISPOSITION OF ABANDONED PERSONAL PROPERTY Clause in Contracts

DISPOSITION OF ABANDONED PERSONAL PROPERTY. If Vessel Owner abandons the Agreement Area or is dispossessed thereof by process of law or otherwise, title to any personal property belonging to Vessel Owner (except for the vessel provisions of Paragraph 10 (Company’s Remedies)) and left within the Dry-Storage Facility ten (10) days after such event shall be deemed, at the Managers’ option, to have been transferred to Company. Manager shall have the right to remove and to dispose of such property without any Company liability therefore to Vessel Owner or to any person claiming under Vessel Owner and shall have no need to account for the property.

DISPOSITION OF ABANDONED PERSONAL PROPERTY. If Vessel Owner abandons the Agreement Area or is dispossessed thereof by process of law or otherwise, title to any personal property belonging to Vessel Owner (except for the vessel provisions of Paragraph 10 11 (Company’s Remedies)) and left within the Dry-Storage Facility Slip or Marina ten (10) days after such event shall be deemed, at the Managers’ option, to have been transferred to Company. Manager shall have the right to remove and to dispose of such property without any Company liability therefore to Vessel Owner or to any person claiming under Vessel Owner Owner, and shall have no need to account for the property.