What is the procedure of ship mortgage registration?
The mortgagor and the mortgagee shall jointly submit three major documents first: (a) original Ship Mortgage Registration Application Form that is signed and stamped by both parties; (b) original Ship Ownership Registration Certificate; (c) original or photocopy of ship mortgage contract. Although not expressly required, most ship registries will usually require evidence of debts for performance of which the mortgage is established.
If the application for ship mortgage registration complies with the provisions of the regulations, ship registry shall complete registration and issue to the mortgagee a Ship Mortgage Registration Certificate within 7days from the date when the application was filed.
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