Banco Popular seeks foreclosure on vessel M/V Tatonka 2
Banco Popular de Puerto Rico has filed a complaint in U.S. District Court in San Juan seeking to enforce a maritime lien against the vessel M/V Tatonka 2 and its owner, Froilán Oliveras-Tejeiro, over what it says is a loan default.
The case, filed Sept. 8, asks the court to seize and sell the vessel to satisfy more than $584,000 in outstanding debt. It has been assigned to U.S. District Judge Gina R. Méndez-Miró. The complaint was signed Sept. 3 and formally entered into the docket five days later.
According to the filing, the obligation originated Dec. 22, 2021, when Oliveras-Tejeiro executed a First Preferred Ship Mortgage on the M/V Tatonka 2, an American-flagged vessel identified as Hull Number BYM39105J122.
The complaint states that the mortgage secured a promissory note of $584,894.85, structured to be repaid in 59 monthly installments of $4,216 beginning Jan. 22, 2022, with a final balloon payment due by Dec. 22, 2026.
Banco Popular said the mortgage required payments directly from Oliveras-Tejeiro’s account and imposed conditions in the event of default, including late charges of 5% on overdue installments, higher interest rates if direct payments were not maintained, and a penalty rate of 2% above the regular interest for unpaid balances.
According to the complaint, “on or about Dec. 22, 2024, defendants defaulted on the mortgage by failing to pay under the terms of the note.” As of Aug. 29, 2025, the bank calculated the debt at $550,228.53 in principal, $39,736.77 in accrued interest at 5.99% annually, and $3,794.40 in late fees. The filing adds that interest continues to accrue at $91.55 per day until full and final payment.
The bank also said the mortgage agreement obligated Oliveras-Tejeiro to pay collection costs, including attorney fees equal to 15% of the principal balance.
“BPPR has fulfilled all its obligations under the terms of the Preferred Mortgage,” the complaint states, asserting the bank is entitled to repossess the vessel and recover the amounts owed.
The lawsuit seeks a judgment against Oliveras-Tejeiro for the full amount, including principal, interest, fees and expenses. It also petitions for judgment in rem — an action against the vessel itself — asking the court to authorize the seizure, condemnation and sale of the M/V Tatonka 2 to satisfy the debt.
The filing further requests that any deficiency between the sale proceeds and the amount owed be paid by the defendants as their “joint and severable liability.” It also asks the court to approve recovery of any expenses related to the arrest and custody of the vessel.
Banco Popular additionally requested authorization to sell any property attached in the proceeding and to apply those proceeds to the judgment. The complaint concludes by asking the court to grant “such other and further relief which it may deem just and proper.”
At the time of writing, the court docket did not show a response from Oliveras-Tejeiro.
