Will the Maritime Court accept a P & I Club Letter of Guarantee as good security, or will the Court accept only Bank guarantees or cash, or can the claimant choose?
R. The Court will accept, as good security, a P & I Club letter of guarantee, only if the same is filed by the mutual agreement of both parties. Whenever the Maritime Code requires that a party give security, the guarantee shall consist of any of the following: A. Cash which must be deposited by the interested party in the National Bank of Panama. B. Cashier’s check drawn against banks with license to operate within the Republic of Panama. C. Surety bonds issued by companies in the Republic of Panama authorized for such in Panama. D. Bonds of the Public Debt of the Republic of Panama. E. Any other guarantee agreed to by the parties.
