Mortgage

Of mortgages and registration

IRELAND has witnessed an increasing number of judicial decisions in recent years of considerable interest to maritime lawyers. These encompass a wide range of issues. Mortgage priority and ship arrest Under Section 52 of the Mercantile Marine Act 1955, mortgages over Irish registered vessels rank in priority in accordance with the date and time of registration and not the date...

Collecting your mortgage in Spain

SPAIN has a wealth of experience in ship arrest, if not always for the right reasons. Traditionally, vessel purchases in Spain have been financed through state credits from the BCI (State Bank of Industrial Credits). During the Franco regime, Astilleros Espa├▒oles, which was founded as a state-owned shipbuilder, absorbed most of the private yards. An enormous number of vessels...

The right tools for the job

ONE of the reasons behind the growth of the Maltese flag over the past few years is the support given to the flag by shipping financiers. This is undoubtedly due in part to the fact that mortgagees enjoy a number of privileges when an owner is in default. Maltese law provides the mortgagee with at least two important procedural tools. Under Section 42 of the Merchant Shipping...

Enforceable judgement for judicial sale

BECAUSE, under normal circumstances, an Italian ship mortgage does not constitute a title empowering financial execution, the proceedings covering the judicial sale of a vessel by the courts may only be initiated by the mortgagee when the mortgagee has obtained an enforceable judgment against the borrower in breach of a loan agreement and, if such judgment has been issued in a...

Understanding ship mortgage law

Giorgio Berlingieri, partner at Genoa-based Studio Legale Berlingieri, looks at ship mortgages under English and Italian law IN England, a mortgage is generally qualified as a transfer of property or an interest in property as security for a debt. Being a security transaction, however, the property is redeemable by the mortgagor upon satisfaction of the debt secured by the...