Law of Ship Mortgages
Execution, secured obligations and property covered
The parties to the mortgage will be the registered owner and the mortgagee. The mortgage form is a deed poll rather than a deed inter partes, and therefore only requires execution by the registered owner. If all the shares in the ship are subject to the mortgage then the registered owners of those shares will jointly be the parties to the mortgage. If the shares in the ship are owned severally, then there will have to be a separate mortgage form signed for each registered owner that is mortgaging its shares. The full name, address and principal place of business has to be stated on the mortgage form and this has to accord with the details contained in the Register.
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