Report of the President to the Board of Trustees, 1919

Report of the President to the Board of Trustees, 1919

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ...28. The security of a mortgage may be imperiled by loss or damage to a vessel or by the attachment of superior liens. Such liens can generally be classed as those arising from debts and from liabilities. The most important ones resulting from debts arise from the furnishing of repairs, supplies, or other necessaries in the maintenance and operation of a vessel, including pilotages, towages, port charges, crews' wages, and other contractual obligations. Liabilities creating liens result principally rom collisions, strandings, salvages, general averages, cargo damages, and personal injuries. Practically all such liabilities can be insured against by the standard form of marine insurance policies and by protection and indemnity insurance. 29. If, therefore, the mortgage contains covenants and agreements to compel the mortgagor to insure against such liabilities, as well as loss from fire and marine peril, the security of the mortgage will only be jeopardized by liens arising from contractual obligations. It is our proposal to obtain protection against the latter by amending the existing law so as to assure to anyone furnishing such repairs, supplies, other necessaries, etc., the opportunity, by exercising due diligence, of obtaining full information of the existence of the mortgage, and then to provide that the lien of the mortgage shall be superior to liens for repairs, supplies, and other necessaries (contractual obligation), etc. 30. By this coordination of mortgage, covenants, and agreements and the statutes reasonable and adequate protection can be secured to the mortgagee. We would provide for such notice by requiring that all mortgages be recorded with the collector of customs where the mortgaged vessel is registered or enrolled and that more

Product details

  • Paperback | 38 pages
  • 189 x 246 x 2mm | 86g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236647939
  • 9781236647931