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:
“Is it not possible that an individual may be right and a government wrong? Are laws to be enforced simply because they were made? or declared by any number of men to be good, if they are not good? Is there any necessity for a man’s being a tool to perform a deed of which his better nature disapproves?”
—Henry David Thoreau (1817–1862)