Ship Mortgage - Collateral Deed

Collateral Deed

As a basic statutory form of mortgage, a reference to a collateral deed containing detailed particulars should be included:

1. like the time for repayment of the principal sums;
2. the interest payable on the capital sum loaned;
3. the method of payment;
4. the party responsible for insuring the ship;
5. any restriction which the mortgage may take place on the manner in which the ship is to be used; and
6. conditions when default will be considered by the mortgagor, allowing the mortgage to re-possess and sell the mortgaged security