GALVESTON – An allegedly botched transaction involving a yacht has resulted in a breach of contract lawsuit.
Feelin Nautic Charters, LLC initiated legal action against The Nautic Group, Inc. in the Galveston County 122nd District Court on Aug. 1, claiming the defendant refused to refund the money it spent on the Feelin Nauti last month after the sale in question fell through.
Per recent court documents, the parties entered into an agreement in which The Nautic Group was to secure the vessel for Charters in exchange for a brokerage fee of ten percent of the purchase price.
“Under the terms of the agreement, Charters would deposit purchase funds of $544,552.50 with The Nautic Group who would hold the funds in escrow as Charters’ agent until the necessary repairs were completed,” the complaint states. “The Nautic Group also agreed to oversee the transport of the vessel and ensure that the entire process was completed in a timely fashion.”
The suit further asserts that The Nautic Group repeatedly notified the plaintiff about problems associated with the yacht. These problems purportedly contributed to the “incessant” delays in the vessel’s delivery, as well as prompted Charters to seek assurance the money would not be released without its authorization.
According to the original petition, another delay caused the work under the agreement to stop.
Charters subsequently demanded the subject funds back to no avail as The Nautic Group told the plaintiff it would not return the money, the suit says.
Consequently, the complainant seeks a temporary restraining order to prevent the respondent from releasing the funds.
A jury trial is also requested.
Attorneys Austin F. Pennington and Ronni Atten of The Pennington Firm, P.C. in Dallas are representing Charters.
Galveston County 122nd District Court Case No. 17-CV-0926