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:
“Verily the kindness that gazes upon itself in a mirror turns to stone,
And a good deed that calls itself by tender names becomes the parent to a curse.”
—Kahlil Gibran (1883–1931)