Barbados Maritime Ship Registry Other service
Mortgage Registration
Recording and discharge of ship mortgages on the Barbados register, with priority set by the date and time of recording.
Description
Mortgages can be recorded against a ship as soon as it completes the requirements for provisional registration. A recorded mortgage stays on the register until it is discharged and keeps its priority if further mortgages are recorded.
Key features
- Priority follows the date and time of recording, with letters A, B and so on assigned in sequence
- Common forms: PPR02-F01 (Mortgage to Secure Account Current, Body Corporate) and PPR02-F02 (Mortgage to Secure Principal Sum and Interest, Body Corporate)
- Mortgage documents must not use the word "Trust", so that they stay within the Shipping Act 1994 (as amended)
- Mortgages on Barbadian ships bareboat chartered out can still be recorded
Applications
Banks, ship financiers and owners securing loans against Barbados-registered ships.
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