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:
“Those Maine woods differ essentially from ours. There you are never reminded that the wilderness which you are threading is, after all, some villager’s familiar wood-lot, some widow’s thirds, from which her ancestors have sledded fuel for generations, minutely described in some old deed which is recorded, of which the owner has got a plan, too, and old bound-marks may be found every forty rods, if you will search.”
—Henry David Thoreau (1817–1862)