BoatWiki - Forms
The Satisfaction of Mortgage form is designed to offset or negate a preferred mortgage as recorded against a USCG documented vessel. Although subject to change without notice, this version has proven acceptable to the National Vessel Documentation Center.
The form is provided in Microsoft Word in order to facilitate any changes to its structure or textual content. It is also fielded and tabbable for convenience. In making any non-fielded alterations, it will be necessary to select the "Unprotect" option from the "Tools" menu of your application. It can thereafter be protected again as a form to regain the fielding.
In order to complete the satisfaction of mortgage, it will be necessary to obtain details about the respective mortgage as shown on the vessel's underlying abstract of title. This can be effected by obtaining copy of the recorded mortgage or by visiting the Vessel Record Request link in the above WikiTags. The form can then be prepared based on such recording information. Upon completion, it must be signed by the mortgagee or its authorized representative. It must be executed in the presence of a notary public.
It is extremely important for a mortgagee to file the Satisfaction of Mortgage within a short time after being paid-off. The form can be mailed, faxed or emailed to the National Vessel Documentation Center for recording at no cost.
Credits and References
3/7/2022 - Initiated by Team BoatWiki.