Collateral Deed
As a basic statutory form of mortgage, a reference to a collateral deed containing detailed particulars should be included:
- like the time for repayment of the principal sums;
- the interest payable on the capital sum loaned;
- the method of payment;
- the party responsible for insuring the ship;
- any restriction which the mortgage may take place on the manner in which the ship is to be used; and
- conditions when default will be considered by the mortgagor, allowing the mortgage to re-possess and sell the mortgaged security
Read more about this topic: Ship Mortgage
Famous quotes containing the word deed:
“The host is rushing ‘twixt night and day,
And where is there hope or deed as fair?
Caoilte tossing his burning hair,
And Niamh calling Away, come away.”
—William Butler Yeats (1865–1939)