Preferred Ship Mortgages
Creation, registration and enforcement of ship mortgages under the Merchant Shipping Act, 1958, with priority advice.
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Overview
Understanding Preferred Ship Mortgages
A ship mortgage is the principal security for vessel financing. Under the Merchant Shipping Act, 1958, a mortgage of a registered Indian ship (or a share in her) is recorded by the Registrar and ranks in priority by date of registration. We advise lenders and owners on creating, registering, ranking and enforcing ship mortgages, including foreclosure and sale on default.
What We Cover
Key Highlights
Mortgage drafting and registration with the Registrar
Priority and ranking of mortgages
Deed of covenant and collateral assignments
Discharge and transfer of mortgages
Enforcement, foreclosure and judicial sale
Our Process
How We Help You
A straightforward, transparent path from first call to resolution.
1
1Documentation
Draft the mortgage and deed of covenant.
2
2Registration
Record the mortgage with the Registrar of Indian ships for priority.
3
3Enforcement
On default, enforce through arrest, foreclosure and sale.
FAQs
Common Questions
Everything you need to know before you begin
By registration with the Registrar under the Merchant Shipping Act, 1958; priority follows the order of registration.
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