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ship mortgage wikipedia jump to content main menu main menu move to sidebar hide navigation main page contents current events random article about wikipedia contact us contribute help learn to edit community portal recent changes upload file special pages search search appearance donate create account log in personal tools donate create account log in contents move to sidebar hide top 1 modern forms of statutory mortgages 2 registration of statutory mortgages toggle registration of statutory mortgages subsection 2 1 protection against other mortgagees 2 2 priority rankings 2 3 mortgage registration in china 3 collateral deed 4 references 5 external links toggle the table of contents ship mortgage add languages add links article talk english read edit view history tools tools move to sidebar hide actions read edit view history general what links here related changes upload file permanent link page information cite this page get shortened url switch to legacy parser print export download as pdf printable version in other projects wikidata item appearance move to sidebar hide from wikipedia the free encyclopedia type of mortgage this article needs more citations please help improve this article by adding citations to reliable sources unsourced material may be challenged and removed find sources ship mortgage news newspapers books scholar jstor march 2009 learn how and when to remove this message this article is written like a personal reflection personal essay or argumentative essay that states a wikipedia editor s personal feelings or presents an original argument about a topic please help improve it by rewriting it in an encyclopedic style march 2009 learn how and when to remove this message admiralty and maritime law history code of hammurabi corpus juris civilis digesta ordinamenta et consuetudo maris amalfian laws hanseatic league features fishing illegal fisheries law maritime transport shipping ferry cargo freight shipbuilding merchant marine cargo ship passenger ship mortgage registration marine insurance act of god cargo collision general average seaworthiness total loss maritime security letter of marque drugs piracy pollution smuggling wartime prizes contract of carriage charterparty affreightment agency barratry bill of lading brokerage chartering consignment demurrage commercial invoice laytime maritime lien manifest packing list proof of delivery law of salvage incoterms waybill parties agent factor freight forwarder captain master the captain goes down with the ship carrier charterer freight company manager consignee consignor principal owner seaman mutiny stevedore judiciaries admiralty court vice admiralty court international organizations international maritime organization comité maritime international london maritime arbitrators association international association of classification societies lloyd s register international conventions hague visby rules hamburg rules rotterdam rules maritime labour convention international convention on salvage unclos solas convention marpol convention ballast water management convention anti fouling convention international convention on load lines colreg sar convention athens convention fai convention international codes imdg code ism code isps code polar code igc code ibc code tdc code is code international grain code imsbc code inf code law portal outline lists index category v t e in a ship mortgage common law or ship hypothec civil law term covering also a maritime lien a shipowner gives a lender or mortgagee a security interest in a ship as collateral for a mortgage loan similar to other types of mortgages a ship mortgage legally consists of three parts the mortgage loan the mortgage document deed and the rights derived from the mortgage deed onto money lender ship mortgages differ from other types of mortgage in three ways first some privileged claims could have a higher ranking over that of mortgagee against the ship second ships naturally move between jurisdictions and third a ship is always at risk of partial or total damages at sea the use of ship mortgages emerged as a widely accepted practice in shipping industry in the 19th century as a major source of finance for ship owners modern forms of statutory mortgages edit in united kingdom ship mortgages practice traces to the merchant shipping act 1894 57 58 vict c 60 the merchant shipping act 1988 and subsequent amendments to the 1988 act paragraph 21 of schedule 1 to the merchant shipping act 1988 provides that a registered ship or a share in any such ship may be made a security for the repayment of a loan or the discharge of any other obligation and on production of the instrument creating any such security referred to in this act as a mortgage the registrar of the ship s port of registry shall record it in the register in the merchant shipping act 1894 57 58 vict c 60 it is provided that only registered ships can be subject to statutory legal mortgages any other mortgage related to ships shall take effect as a purely equitable mortgage which may emerge on unfinished vessels foreign vessels and others registration of statutory mortgages edit the registration of a ship mortgage is essential to have legal effects though failure to register does not render the mortgage void under merchant shipping acts any unregistered mortgagee cannot enjoy any benefits available even with the protection clause to the buyer in norwegian sales form 1993 the sellers warrant that the vessel at the time of delivery is free from all charters encumbrances mortgages and maritime liens or any other debts whatsoever for buyers registration of ships with mortgages is particularly important to avoid future litigation after sales due to claims related to unregistered mortgages protection against other mortgagees edit the most critical benefits of registration for the mortgagee is obtaining priority with priority ranking solely decided by the date of registration by giving a notice to the world the registered mortgagee could be protected from all later secured creditors of the mortgagor who may seek further finance from other sources using the same ship as security in uk regulation 59 of the merchant shipping registration of ships regulations 1993 mortgagees of a ship or a share in a registered british ship are allowed to give notice of their intended interests to and recorded by the registrar once later executed or registered the registered mortgagees will have priority over the other registered mortgages which may have been fully registered in the first place priority rankings edit registration confers a mortgagee higher priority over the following scenarios but not limited to earlier unregistered mortgages irrespective of knowledge of them later registered or unregistered mortgages and additional advances subsequently made under a prior registered mortgage where under the agreement was that mortgage should cover present and future advances by the mortgagee however a mortgagee does not have priority over the following scenarios but not limited to any mortgage registered earlier any claims in connection with which the vessel had already been arrested at the time when the mortgage was entered into any possessory lien of a ship repairer and maritime liens whether earlier or later mortgage registration in china edit according to article 20 chapter iv of regulations of the people s republic of china governing the registration of ships both the mortgagor and the mortgagee are required to submit three major documents first written application signed by both parties original ship ownership registration certificate and contract of ship mortgage collateral deed edit as a basic statutory form of mortgage a reference to a collateral deed containing detailed particulars should be included the time for repayment of the principal sums the interest payable on the capital sum loaned the method of payment the party responsible for insuring the ship any restriction which the mortgage may take place on the manner in which the ship is to be used and conditions when default will be considered by the mortgagor allowing the mortgage to re possess and sell the mortgaged security references edit hill c 2003 maritime law 6th ed llp reference publishing london ho li xu 2008 transport shipping and aviation the shipping forecast legalweek com available from office of public sector information merchant shipping act 1988 c 12 available from office of public sector information merchant shipping act 1894 c 60 available from office of public sector information the merchant shipping registration of ships regulations 1993 available from china trade in services regulations of the people s republic of china governing the registration of ships available from maritime law center norwegian sales form available from external links edit the ship mortgage crisis maritime executive magazine retrieved from https en wikipedia org w index php title ship_mortgage oldid 1291517581 categories ship management mortgage maritime law hidden categories articles with short description short description matches wikidata articles needing additional references from march 2009 all articles needing additional references wikipedia articles with style issues from march 2009 all articles with style issues this page was last edited on 21 may 2025 at 18 51 utc page was rendered with parsoid text is available under the creative commons attribution sharealike 4 0 license additional terms may apply by using this site you agree to the terms of use and privacy policy wikipedia is a registered trademark of the wikimedia foundation inc a non profit organization privacy policy about wikipedia disclaimers contact wikipedia legal safety contacts code of conduct developers statistics cookie statement mobile view search search toggle the table of contents ship mortgage add languages add topic