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Preferred Vessel Mortgage

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BoatWiki - Forms

Use of this form may have legal and tax implications.
You should consult with an attorney or professional about any such concerns.

Introduction


The preferred vessel mortgage form can be used to secure a lender's interest in a Coast Guard documented vessel. Although many different versions of a preferred mortgage exist, this presents what is known as a legacy version. It should be acceptable to the National Vessel Documentation Center when properly submitted.

Context


The preferred vessel mortgage, also commonly referred to as a ship's mortgage, can be filed on any vessel that is currently documented or in the process of initial or re-documentation.

Source


This form can be downloaded from the BoatWiki forms repository as shown in the WikiTags. It is available in Microsoft Word format with convenient fielding and tabbing. The body of the form itself can be altered by choosing the unprotect option form the tools menu of your application. It will need to be protected again to recover the tabbing function.

Instructions


Header - Insert the mortgagor and mortgagee names and current addresses. The mortgagor's name must match that as shown on the Coast Guard abstract of title. The addresses are required for recording purposes.

Paragraph One - Insert the mortgagor and mortgagee names, the name and hailing port under which the vessel will remain documented, and the official number, if already assigned, or the vessel's hull identification number. Be sure to specify which number is being cited. Insert the amount of the mortgage in text and numerical terms. This will be presumed to be in U.S. denomination unless otherwise specified.

Paragraph Seven - Any existing liens or mortgages should be listed in this paragraph, except for those being satisfied or released in conjunction with the mortgage filing. The default for this paragraph is "None".

Paragraph Eight - Additional mortgage terms and conditions of your choice can be inserted after this paragraph. These will not impact the recordability aspects of the mortgage. However, any referenced attachments must be submitted with the mortgage and their dates must coincide with or precede the mortgage date.

Signature Date Line - Insert the date on which the mortgage is executed. The date is not relative to that upon which the mortgagor acquired or will acquire documentation. However, the date must coincide with or supersede the dates of any attachments referenced in the mortgage.

Signature Lines - Insert the names of the parties signing and their capacities. If the vessel is owned by an individual or individuals, all must sign and their capacity should be shown as "Owner". The mortgage can not be executed in counterparts. However, an additional signature page can be attached to facilitate separate signings of the same mortgage. The Coast Guard does not require a copy of the Power of Attorney when signed as an "Attorney In Fact".

Acknowledgement - All signatures must be acknowledged by a U.S. notary, U.S. Consulate, or apostillized by a member country of the Hague Convention. The notary public may need to provide an attachment if the standard acknowledgement on this form does not fulfill your jurisdictional requirements. Please note that attachments count as additional pages with respect to recording fees. The acknowledgement date can not precede the respective signature date.

Attachments - If there is a promissory note, security agreement, or loan contract, these should be submitted with the mortgage as an attachment. They should also be referenced in the mortgage. The mortgage contains default references to a promissory note, but these should be deleted if there will be no such attachment. All attachments must reflect dates which precede or coincide with the date on which the mortgage is executed.

Alterations - The text on this form is "protected" to allow for tabbing among fields. You may change this to suit your own circumstances by "unprotecting" the document. However, such changes could impact its recording viability. You should contact the respective agency if you have any such concerns. This instrument may not be changed or altered after it has been executed unless the notary specifically notates such alterations in the Acknowledgement.

Conclusion


Step by step filing guidelines can be found in the WikiTags. If unsure of whether the mortgage will meet recording requirements, you may include an Optional Application for Filing as shown in the WikiTags.


Credits and References

6/2/2022 - Page initiated by Team BoatWiki.




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