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Under Admiralty law, when a vessel is seized in rem by a creditor, the other creditors may file their claim in court against the vessel and can stand in line with the other creditor who seized the property for payment. As a part of this, the creditors can force sale of the vessel to recover the money they are due.
I am afraid though that because the vessel was seized, you are now going to have to sue the party you have the debt with, but because you have waited so long and the bank has taken the vessel it is going to be tough to put a lien on that vessel now and you are going to have to seek other assets of the owner to seize when you obtain judgment against the owner.
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