Seafarer Exploration Corp (SFRX)

[hedge_fun]

Anyone who believes Kyle’s legal explanation........is

stuck on fly paper. Feel free to debate me.

Kyle referenced outdated salvage law in that pathetic interview. Back in the ‘80’s the abandonment argument was made, which is what he claims SFRX is relying upon. Years later the Supreme Court upheld a July 2000 4th Circuit ruling the shoots down the Abandoned Shipwrecks Act (ASA) of 1988, and said a declaration of abandonment must be made. The next day Spain laid claims to over 250 wrecks, including Spanish Galleons because they NEVER declared they abandoned those wrecks.

This is about as simple a summary as there could be, but again, feel free to debate who’s stuck on the flypaper.

On appeal, the Fourth Circuit Court of Appeals sided with Spain's claims to both shipwrecks. The Court of Appeals considered whether these frigates had been abandoned by Spain within the meaning of the ASA. The Court had to decide whether the law allowed a finding of implied abandonment, as the Commonwealth of Virginia argued, or one of express abandonment, as Spain and the United States argued. The Court sided with Spain, finding that an "owner who comes forward has definitely indicated his claim of possession, and in such a case abandonment cannot be implied." 2000 U.S. App. LEXIS 17456 at *11.

The Court also found that the legislative history of the ASA suggests that sovereign vessels must be treated differently from privately owned ones, relying on a State Department letter in the House Report, which states, "The U.S. only abandons its sovereignty over, and title to, sunken U.S. warships by affirmative act; mere passage of time or lack of positive assertions of right are insufficient to establish such abandonment." H.R. Rep. No. 100-514(11), at 13 (1988).

Since the United States never intended to abandon its claims to its warships in foreign waters, a different standard would not be applied to those of another nation albeit located in U.S. waters. In this instance, Spain had maintained the two vessels on its national naval registry and never intentionally abandoned its ownership interests in any treaties Spain had entered into with the U.S or U.K.

https://magazines.marinelink.com/Magazines/MaritimeReporter/200010/content/abandoned-shipwreck-preservation-207452