A Jamaican ship may be used as security for a mortgage. Registration of a mortgage ensures that the Mortgagee’s interest in a vessel is noted in the Register of Ships and the priority of that interest is registered. Registration of a mortgage require the submission to the Registrar, of the duly executed mortgage document (standard Short Form) with the Deed of Covenants or Mortgage Agreement and the applicable Fee
The discharge of a registered mortgage is a similarly simple process, requiring the production to the Registrar, of the duly executed Discharge Receipt. This must be notarized and where applicable, accompany by the authorization given to execute the discharge receipt.
Where the request is by other than an endorsed copy of the short form mortgage document, such a request should:
- Clearly and particularly identify the mortgage
- Clearly and particularly identify the vessel
- Clearly and particularly identify the mortgagee
- Clearly and particularly state the consideration (amount by which the mortgage is settled).
- Clearly and particularly state the discharge date
- Bear the name and office of the signatory
- Be notarized
It is advisable to request a Transcript of the Register in applying for the registration or requesting the discharge of a mortgage.