Ship mortgage (original) (raw)
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 a
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| dbo:abstract | 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. (en) |
| dbo:wikiPageExternalLink | http://tradeinservices.mofcom.gov.cn/en/b/1994-06-02/27054.shtml http://www.maritimelawcenter.com/html/norwegian_sales_form.html http://www.legalweek.com/Company/334/Navigation/18/Articles/1086504 http://www.opsi.gov.uk/RevisedStatutes/Acts/ukpga/1894/cukpga_18940060_en_1 http://www.opsi.gov.uk/acts/acts1988/Ukpga_19880012_en_1.htm http://www.opsi.gov.uk/si/si1993/Uksi_19933138_en_1.htm http://www.maritime-executive.com/article/The-Ship-Mortgage-Crisis-2014-10-23 |
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| dbo:wikiPageWikiLink | dbr:Mortgage_loan dbr:Merchant_Shipping_Act_1988 dbr:Hypothec dbr:United_Kingdom dbr:Office_of_Public_Sector_Information dbr:Shipping dbr:Common_law dbc:Admiralty_law dbc:Mortgage dbr:Bank dbc:Ship_management dbr:Collateral_(finance) dbr:Civil_law_(legal_system) dbr:Security_interest dbr:Maritime_lien dbr:Shipowner dbr:Merchant_Shipping_Act_1894 |
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| dct:subject | dbc:Admiralty_law dbc:Mortgage dbc:Ship_management |
| rdfs:comment | 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 a (en) |
| rdfs:label | Ship mortgage (en) |
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