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concurrirán sobre su precio

English translation: shall attach to the proceeds of sale thereof

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:concurrirán sobre su precio
English translation:shall attach to the proceeds of sale thereof
Entered by: MJ Barber
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15:36 Mar 29, 2004
Spanish to English translations [PRO]
Law/Patents - Law (general) / maritime law
Spanish term or phrase: concurrirán sobre su precio
This is from the Code of Commerce of Panama (art. 1507) and refers to the arrest of vessels:

Tendrán privilegio sobre el buque y concurrirán sobre su precio en el orden que expresa el presente artículo, los creditos siguientes:

I've found this:
The following liens will have privilege over the vessel and will concur over its price in the order stated in this article

but I am not convinced. It looks very literal to me, and I don't think 'concur over its price' means anything.
MJ Barber
Spain
Local time: 10:45
shall attach to the proceeds of sale thereof
Explanation:
A slightly different spin from Henry.

'The following claims/debts shall take priority over the vessel and attach to the proceeds of sale thereof in the following order stated in this section:' I believe creditos at the end and not the liens are the subject of the verbs.

i.e. on a sale by order of the court or out-of-court, there's no longer any ship for the maritime liens to attach to. Instead, they switch to the proceeds of sale.

Compare in Eng. law the now abolished 'equitable doctrine of conversion' -> automatically of real estate/tangible property into money.
Selected response from:

xxxKirstyMacC
Local time: 09:45
Grading comment
thanks
4 KudoZ points were awarded for this answer

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Summary of answers provided
5shall be entitled to the proceeds therefrom
Henry Hinds
4shall attach to the proceeds of sale thereofxxxKirstyMacC
3the following credits will be applied to its price in the following order:Sheilann
3agree on the sale priceGabo Pena


  

Answers


2 mins   confidence: Answerer confidence 5/5
concurrirán sobre su precio
shall be entitled to the proceeds therefrom


Explanation:
concurrirán sobre su precio = shall be entitled to the proceeds therefrom

When the auction is held.

Henry Hinds
United States
Local time: 02:45
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 5063
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
shall attach to the proceeds of sale thereof


Explanation:
A slightly different spin from Henry.

'The following claims/debts shall take priority over the vessel and attach to the proceeds of sale thereof in the following order stated in this section:' I believe creditos at the end and not the liens are the subject of the verbs.

i.e. on a sale by order of the court or out-of-court, there's no longer any ship for the maritime liens to attach to. Instead, they switch to the proceeds of sale.

Compare in Eng. law the now abolished 'equitable doctrine of conversion' -> automatically of real estate/tangible property into money.

xxxKirstyMacC
Local time: 09:45
Native speaker of: Native in EnglishEnglish
PRO pts in category: 387
Grading comment
thanks
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
agree on the sale price


Explanation:
=8^j

Gabo Pena
Local time: 01:45
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in category: 43
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4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
concurrirán sobre su precio
the following credits will be applied to its price in the following order:


Explanation:
I think we're both working on the same thing

Sheilann
Spain
Local time: 10:45
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 146
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