Do You Need To Take Out A Preferred Ship Mortgage? Spending money on your first vessel can be a big investment, and many new boat owners choose to opt for a mortgage on their boat in order to afford the cost. Going to a bank or lending society and requesting money in order to purchase…
So what is a preferred ship mortgage? It is a type of mortgage that protects you as the lender. Maritime liens other than preferred Maritime Liens do not prioritize First Preferred Ship’s Mortgages, which are lodged against vessels registered with the United States Coast Guard. A First Preferred Ship’s Mortgage is a mortgage recorded against…
There are actually multiple reasons you would want a boat bill of sale. Getting one, thought, can be a time consuming and difficult process. A boat bill of sale is important if you plan on selling your boat. It’s also important if you ever plan on transferring your boat to someone else. In fact, if…
At Vessel Documentation Online, LLC, we pride ourselves on providing relevant legal information for all vessel’s users. One common request we receive is of useful information about Preferred Ship Mortgage. There’s not much clear information available and sometimes it can be tricky to understand some details. If your vessel is eligible for documentation, you should…