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Modification of Security for Res

Rule E(6) of the Supplemental Rules to the Federal Rules of Civil Procedure provides that the court may, on motion and hearing, for good cause shown, reduce the amount of security given.  Moreover, if the surety shall be or become insufficient, new or additional sureties may be required on motion and hearing.[i]  When  the claimant desires to regain the possession, the value of the same can be ascertained, and when that is done according to law, the claimant may file a stipulation for that amount in the place of the vessel.  When the claimant desires to secure the possession of the vessel, s/he may apply to the court for an appraisement, or if the parties agree upon a sum as the value, the court may adopt that sum, and accept a stipulation for that amount.  Obligation of a stipulator is the same as that of a surety.  Whenever the obligation of the stipulator is for a definite sum named in the stipulation, the surety stipulating to pay that sum cannot be compelled to pay more than that amount.[ii]

[i] Industria Nacional Del Papel, CA. v. M/V “Albert F”, 730 F.2d 622 (11th Cir. Fla. 1984)

[ii] Ann Caroline, 69 U.S. 538 (U.S. 1865)

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