Seafarer Exploration Corp (SFRX)

[hedge_fun]

The Supreme Court ruling was ANY shipwreck.........

not just warships can’t be considered abandoned just because they sunk against the owner’s will. There has to be an expressed act abandoning the wreck by the US, and therefore we can’t assume adverse possession or the like against others.

Who came up with the warship only theory?

United States vessels may only be abandoned by an express, unam-
biguous, and affirmative act. Article IV of the Constitution states,
"Congress shall have power to dispose of and make all needful Rules
and Regulations respecting the Territory or other Property belonging
to the United States." U.S. Const. art. IV, S 3. From this it follows that
the Constitution precludes a finding of implied abandonment of fed-
eral lands and property -- dispositions of federal property require
some congressional action. "[T]he United States cannot abandon its
own property except by explicit acts." See United States v. Steinmetz,
973 F.2d 212, 222 (3d Cir. 1992). The Supreme Court has empha-
sized that the United States cannot be precluded from asserting its
ownership rights by private property "principles similar to laches,
estoppel or adverse possession." United States v. California, 332 U.S.
19, 39-40 (1947). The government "holds its interests here as else-
where in trust for all the people," and thus cannot relinquish its prop-
erty without express acts. Id. at 40. The House Report for the ASA
also relates the understanding that "U.S. warships and other public
vessels . . . require an affirmative act of abandonment." H.R. Rep. No.
100-514(II), at 5 (1988), reprinted in 1988 U.S.C.C.A.N. at 374.
Thus, one of the immunities granted to United States vessels is that
they will not be considered abandoned without a clear and affirmative
act by the government.

Under the terms of the 1902 Treaty, Spanish vessels can likewise
be abandoned only by express renunciation. Both Spain and the
United States agree that this treaty provision requires that in our terri-
torial waters Spanish ships are to be accorded the same immunity as
United States ships.

See page 12 here: http://www.admiraltylawguide.com/circt/4thseahunt.html