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Maritime lien and ship mortgage have a single corresponding term in the civil law, namely the ship hypothec. The maritime lien is a proprietary instrument meaning it concerns the property: the res. This includes the vessel (also covering its appurtenances and equipment), services rendered to it or injuries caused by that property.
In a ship mortgage 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 ...
A maritime lien is a lien on a vessel given to secure the claim of a creditor who provided maritime services or suffered an injury from the vessel's use. Maritime liens are sometimes referred to as tacit hypothecation. Maritime liens have little in common with other liens under the laws of most jurisdictions.
For example, clause 9 of Sale Form 1993 has provided some limited protection for the buyer. Under clause 9, the seller warrants that the vessel is free from all charters, encumbrances, mortgages maritime liens, or any other debts whatsoever at the time of delivery.
The rights of the salvor can be secured, in addition to maritime lien, by a right of possession over the yet-to-be-recovered property. When the ship is no longer in possession of its master, this salvor-in-possession status is granted to the first salvor who takes possession and demonstrates capability of a successful salvage.
Federal tax lien: The IRS can place a lien on your property due to failure to pay your federal taxes. This lien can cover your personal property as well as other real estate assets, any vehicles ...
Admiralty law or maritime law is a body of law that governs nautical issues and private maritime disputes. Admiralty law consists of both domestic law on maritime activities, and private international law governing the relationships between private parties operating or using ocean-going ships.
While acknowledging the concept of maritime lien, the 1999 Convention specifically creates no new maritime liens. Article 1 adds new categories of "Maritime Claim". These include "damage or threat of damage caused by the ship to the environment, coastline or related interests..." (Article 1(d)); and unpaid insurance premiums and unpaid P&I Club ...