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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.
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.
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 ...
Maritime law is inherently international, and although salvage laws vary from one country to another, generally there are established conditions to be met to allow a claim of salvage. [1] The vessel must be in peril, either immediate or forthcoming; the "salvor" must be acting voluntarily and under no pre-existing contract; and some life or ...
The inspection of records will reveal the history of the ship's maintenance and compliance with the requirement of class. Furthermore, the buyer also should check the mortgages records and the maritime lien records to prevent any damages or loss subject to the legal issue of the ship which occurred before the delivery of the ship. For the ...
[1] [2] The ship is detained by judicial process for the purpose of securing a maritime claim, or for unseaworthiness and certain other conditions. A ship may be "arrested" and detained in port by a court order in support of a maritime lien claim by creditors against the vessel. [3]
An equitable lien takes effect essentially as an equitable charge, and arises only in specified situations, (e.g. an unpaid vendor's lien in relation to property is an equitable lien; a maritime lien is sometimes thought to be an equitable lien).
Title 46 of the United States Code, titled "Shipping", outlines the federal laws contained within the United States Code that pertain to the shipping industry. It was gradually codified into the Positive Law of the United States, with partial codifications being enacted in the years 1988, 2002, and 2003.