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Mortgage

Panama naval mortgages are widely used in international financial institutions of the world. The current regulations allow for preliminary registration to be carried out before the Public Registry office in Panama through local attorneys.

Under Panama Law the registration of a vessel mortgage requires that the mortgage be dated after the Provisional Navigation License has been issued. When a purchase money mortgage is involved, documents may have the same date.

In accordance with article 1515 of the commercial code, a vessel mortgage must be executed or acknowledged before a Notary Public and the signature of the Notary must be certified by a Panamanian consul.

  • The name, civil status, occupation and domicile of the mortgagor and the mortgagee.
  • The amount which the mortgage guarantees and the sum or sums to which the lien applies for the payment of costs and interest. The rate of interest being clearly stated.
  • The date of payment of the Capital, the interest and any other provisions of the contracting parties may desire concerning interest, insurance and the schedule of the accessories of the ship, which are covered in the mortgage.
  • The name and radio Call Letters which distinguish the ship. A complete description of the vessel, its registration data at the public registry office and the number and expiration date of the navigational Patent.
  • The appraisal or price which is assigned to the ship and which would serve as the basis for an action in case that such action should become necessary.
  • The proportionate value or amount assigned to each vessel in the events that there are two or more vessels covered by the same mortgage

 

 
 
 
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