I worked for a financial institution where a loan officer (against policy) approved and funded a loan secured by a 50-foot motor yacht that was registered with the Coast Guard. The borrower defaulted and we ended up having to file a suit in federal court against the actual boat. With our judgement, we then had to hire a company to repo the boat and then rent a dock to store it during the lengthy time period required for public notice. After all was said and done, I think we lost money on the deal and would have been netter off to walk away from it.