The law of ship mortgages / by David Osborne, MA (Downing College, Cambridge), Solicitor, Partner, Watson Farley & Williams LLP ; Graeme Bowtle, MA (New College, Oxford), Solicitor, former Partner, Richards Butler (now Reed Smith LLP) ; Charles Buss, BA (Exeter), Solicitor, Partner, Watson Farley & Willams LLP.
2017
KD1834.B6 O83 2017 (Map It)
Available at Cellar
Formats
| Format | |
|---|---|
| BibTeX | |
| MARCXML | |
| TextMARC | |
| MARC | |
| DublinCore | |
| EndNote | |
| NLM | |
| RefWorks | |
| RIS |
Items
Details
Title
The law of ship mortgages / by David Osborne, MA (Downing College, Cambridge), Solicitor, Partner, Watson Farley & Williams LLP ; Graeme Bowtle, MA (New College, Oxford), Solicitor, former Partner, Richards Butler (now Reed Smith LLP) ; Charles Buss, BA (Exeter), Solicitor, Partner, Watson Farley & Willams LLP.
Published
Milton Park, Abingdon, Oxon ; New York, NY : Informa law from Routledge, 2017.
Call Number
KD1834.B6 O83 2017
Edition
Second edition.
ISBN
9781138781498 (hbk.)
1138781495 (hbk.)
9781315766430 (ebk)
1315766434 (ebk)
9781315766430 (ebk)
1138781495 (hbk.)
9781315766430 (ebk)
1315766434 (ebk)
9781315766430 (ebk)
Description
lx, 596 pages : forms ; 26 cm.
System Control No.
(OCoLC)943680727
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Added Author
Table of Contents
Foreword
xiii
Preface
xv
Table of cases
xix
Table of legislation
xlvii
ch. 1
Historical Introduction
1
1.1.
Background
1
1.2.
Maritime law and ship mortgages
3
1.3.
Legislative reform
7
1.4.
nature of the statutory mortgage
10
1.5.
Mortgages of unregistered ships
15
ch. 2
Ownership And Registration
16
2.1.
Legal ownership
16
2.2.
Beneficial ownership
18
2.3.
Registration
22
2.4.
Register
25
2.5.
Fishing vessels
27
2.6.
Small ships
28
2.7.
Registration procedure
28
2.8.
Effect of registration
30
2.9.
Refusal of registration; termination and expiry of registration
34
2.10.
ship
34
2.11.
Demise charters
39
2.12.
Mortgages on demise chartered ships
40
ch. 3
Security Interests In Ships
41
3.1.
Introduction
41
3.2.
Statutory mortgages -- the primacy of registration
44
3.3.
current form of statutory ship mortgage
48
3.4.
Common law mortgages
50
3.5.
Disguised mortgages
53
3.6.
Equitable mortgages
54
3.7.
Equitable charges
58
3.8.
Submortgages
61
3.9.
Mortgages of a share in a ship
63
3.10.
Mortgages of ships under construction
63
ch. 4
Conflict Of Laws
67
4.1.
Introduction
67
4.2.
Property in registered ships under English domestic law
71
4.3.
Property in registered aircraft under English domestic law
73
4.4.
mid-nineteenth century cases (on ships and on chattels generally)
74
4.5.
early/mid twentieth century cases on foreign government action
80
4.6.
cases on foreign ship mortgages
83
4.7.
cases on ownership and arrest jurisdiction
86
4.8.
conflict of laws dimension to priority issues
89
4.9.
WD Fairway litigation
97
4.10.
International conventions
105
4.11.
general maritime law
108
4.12.
International insolvency
109
4.13.
Blue Sky litigation
110
4.14.
FPSO OSX 3 in Brazil
112
4.15.
Conclusions on the English conflict of laws position on lex situs
116
ch. 5
Execution, Secured Obligations And Property Covered
120
5.1.
Parties
120
5.2.
Execution
120
5.3.
form of mortgage and obligations secured
122
5.4.
Multiple obligations
124
5.5.
Change of parties
127
5.6.
Change of obligations
128
5.7.
Usual terms of the mortgage (the collateral deed of covenant)
131
5.8.
Special fees and `upside' sharing arrangements
132
5.9.
Property covered by the mortgage
135
ch. 6
Registration Of Mortgages
138
6.1.
Introduction
138
6.2.
Merchant Shipping Act 1995
139
6.3.
Companies Act 2006
141
6.4.
Bills of Sale Acts
147
6.5.
Reform of the registration system?
148
ch. 7
Priority
149
7.1.
Statutory registered priority
149
7.2.
Agreed priority
150
7.3.
Security over collateral assets
153
7.4.
Failure to register a mortgage
154
7.5.
Mortgages of unregistered ships
155
7.6.
Equitable mortgages and charges
155
7.7.
Floating charges and priority
156
7.8.
Mortgages of foreign-registered ships
159
7.9.
Tacking of further advances
160
7.10.
Tabula in naufragio
166
7.11.
Marshalling
167
7.12.
Invalidity
175
7.13.
courts' approach to priority of security
175
7.14.
Debt subordination
178
7.15.
Parties to a subordination or priorities agreement
181
ch. 8
Mortgagor's Obligations And Undertakings
182
8.1.
Introduction
182
8.2.
Deed of covenant
184
8.3.
Certain issues on owners' undertakings
186
8.4.
Sanctions
191
8.5.
Consents and discretions
194
8.6.
Protection of security
196
ch. 9
Amendments, Transfer And Discharge
198
9.1.
Amendment
198
9.2.
Rectification
199
9.3.
Transfer
200
9.4.
Discharge
202
9.5.
Consolidation
205
ch. 10
Liens
207
10.1.
Introduction
207
10.2.
Common law liens
208
10.3.
Equitable liens
209
10.4.
Maritime liens
209
10.5.
Statutory liens
213
10.6.
Statutory possessory liens
215
ch. 11
Default, And Self-Help Enforcement Powers
216
11.1.
Introduction
216
11.2.
Default
218
11.3.
Payment defaults
218
11.4.
Status defaults
219
11.5.
Covenant defaults
223
11.6.
Discretions in relation to default
223
11.7.
Waiver of events of default
223
11.8.
Effect of default
226
11.9.
Post-default interest and break-funding
228
11.10.
mortgagee's options following a default
230
11.11.
Enforcement
233
11.12.
right to take possession at common law
233
11.13.
Method of taking possession
239
11.14.
Factors relevant to the mortgagee's decision to take possession
242
11.15.
rights of a mortgagee in possession
248
11.16.
Sale of the mortgaged ship
249
11.17.
Mechanics and effect of a mortgagee's private sale
252
11.18.
mortgagee's expenses of sale
253
11.19.
Application of the proceeds of sale
255
11.20.
Receivership
256
11.21.
Foreclosure
260
11.22.
Subordinate mortgagees
261
11.23.
Enforcement of collateral security
262
11.24.
Security over shares
263
ch. 12
Courts' Protection Of The Mortgagor
266
12.1.
Introduction
266
12.2.
Protection of the mortgagor's right to redeem
267
12.3.
mortgagee in possession's duties to the mortgagor
268
12.4.
mortgagee's exercise of its power of sale
272
12.5.
Sales to self or favoured buyers
277
12.6.
Are ship mortgages different?
286
12.7.
Derivative liability to relevant parties
290
12.8.
Excluding duties
293
12.9.
Marshalling
294
12.10.
perils of intermeddling
294
12.11.
conflict of laws
295
ch. 13
Liabilities Of The Mortgagee To Third Parties
297
13.1.
Introduction
297
13.2.
Liability to non-demise charterers and cargo interests
299
13.3.
Liability to demise (bareboat) charterers
319
13.4.
Third party purchase options
326
13.5.
Liabilities of a mortgagee in possession to third parties
328
13.6.
Interference with third party property
329
13.7.
Issues arising under the Partnership Act 1890
330
13.8.
Wider lender liability risks
332
13.9.
Equitable subordination
334
13.10.
Lender liability: An attempt to summarise
335
ch. 14
Enforcement By Arrest And Court Sale
338
14.1.
Introduction
338
14.2.
Admiralty jurisdiction of the High Court
340
14.3.
Ship arrest procedure
346
14.4.
Court sale procedure
357
14.5.
Determination of priorities and payment out
370
ch. 15
Insolvency
378
15.1.
Introduction
378
15.2.
Consensual restructurings
381
15.3.
Schemes of arrangement under the Companies Act 2006
383
15.4.
EU Insolvency Regulation and the significance of the COMI
386
15.5.
Other cross-border jurisdictional issues
390
15.6.
UK winding up (liquidation)
391
15.7.
UK administration
395
15.8.
UK administrative receivership
401
15.9.
UK company voluntary arrangement (CVA)
403
15.10.
Circumstances in which a ship mortgage can be challenged in UK insolvency proceedings
404
15.11.
Some European insolvency regimes of note in a shipping context
414
15.12.
effect of the EU Insolvency Regulation on ship mortgage enforcement
414
15.13.
effect of the UNCITRAL Model Law on Cross-Border Insolvency and the Cross-Border Insolvency Regulations on ship mortgage enforcement
419
15.14.
Chapter 11 of the United States Bankruptcy Code
424
ch. 16
Insurance
430
16.1.
Introduction
430
16.2.
nature of the mortgagee's interest
433
16.3.
risks to a mortgagee
436
16.4.
Composite interest
438
16.5.
Assignment
442
16.6.
effect of notice of assignment
453
16.7.
Assignment: Clubs and mutual associations
455
16.8.
Loss payable clauses
456
16.9.
Letters of undertaking
457
16.10.
Claims
461
16.11.
conflict of laws
461
16.12.
Illegality risk
462
16.13.
Assignments of reinsurances
464
16.14.
Mortgagees' interest insurance
465
16.15.
Mortgagees' additional perils (pollution) insurance
471
16.16.
Other mortgagees' insurances
471
ch. 17
Security Over Earnings And Charterparties
473
17.1.
Introduction
473
17.2.
commercial background
475
17.3.
Present rights and future rights
479
17.4.
Partial assignments and suspensory assignments
481
17.5.
Legal assignments and equitable assignments
483
17.6.
Notice of assignment
484
17.7.
Certain set-off issues
485
17.8.
conflict of laws
488
17.9.
Restrictions on assignment
489
17.10.
Liens on sub-freights
492
17.11.
Charterparties and step-in rights
494
17.12.
Earnings account
499
17.13.
Pooling arrangements
500
17.14.
Financial collateral arrangements
501
17.15.
Requisition compensation
502
APPENDIX 1
STATUTORY MATERIAL
509
A.
Merchant Shipping Act 1995, Part II
509
B.
Merchant Shipping Act 1995, Schedule 1
519
C.
Merchant Shipping (Registration of Ships) Regulations 1993 (SI 1993/3138), Part VII (as amended)
523
D.
Senior Courts Act 1981, section 20
526
APPENDIX 2
STATUTORY FORMS
529
A.
Form MSF 4736 (Mortgage of a Ship to secure Account Current etc. other/obligation)
529
B.
Form MSF 4737 (Mortgage of a Ship to secure Principal sum and Interest)
536
C.
Form 4739 (Notice of Mortgage Intent)
542
APPENDIX 3
SPECIMEN DEED OF COVENANT
545
APPENDIX 4
INSTITUTE MORTGAGEES' INTEREST CLAUSES - HULLS
577
APPENDIX 5
ADMIRALTY MARSHAL'S CONDITIONS OF SALE AND BILL OF SALE
583
Index
587