Ships and other seagoing vessels, including maritime drones as defined in article L. 5000-2-2 of the French Transport Code, which have been registered are subject to mortgages, unless they have been registered because they meet the conditions defined in 3° of article L. 5112-1-3 of the French Transport Code. They may only be encumbered by conventional mortgages. To be valid, mortgages must be in writing.
The mortgage may only be granted by the owner of the building or by his authorised representative with a special mandate.
Where the vessel is operated in joint ownership, each joint owner may mortgage his undivided share in the vessel. The manager may mortgage the vessel with the consent of a majority of interests representing three quarters of the value of the vessel.
A mortgage granted on a seagoing vessel or on an undivided share of the vessel extends, unless otherwise agreed, to the body of the vessel and to all accessories, machinery, fittings and tackle. It does not extend to the cargo.
The mortgage can be granted on a seagoing vessel under construction.
The conditions under which the mortgage is made public and retained are set by decree.
1. If there are two or more mortgages on the same building or on the same share of ownership of the building, the rank is determined by the order of priority of the dates, times and minutes of registration. 2. Mortgages registered on the same day, at the same time and at the same minute compete with each other.
The advertisement guarantees, on the same rank as the capital, two years of interest in addition to the current year.
If the mortgage title is to order, its negotiation by way of endorsement entails the transfer of the mortgage right.
1. Any voluntary operation that results in the loss of the francisation of a mortgaged vessel is prohibited, with the exception of the suspension of the francisation referred to in article L. 5112-1-7 of the French Transport Code. 2. If this operation is also committed with the intention of violating this prohibition, the perpetrator is liable to the penalties for breach of trust set out in articles 314-1 and 314-10…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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