... that the vessel would have to undertake extensive repairs to undertake any long voyages. The owners have defaulted in paying one instalment of the mortgage and of the insurance premium as well. It is rumoured that there are unpaid seamen's wages and claim from one bunker supplier from Argentina. The vessel is set to arrive at Portsmouth on Wednesday, 16th of April 2005. Remedies open to the Mortgage The remedies open to a mortgagee is usually based on information contained in the collateral a registered deed. Collateral Deed This document contains details of the actual contract between the parties, for the most part on the owner's personal obligation under the mortgage; for example to keep the ship seaworthy, in classification, insured and information of interest payable on capital sum loaned etc. In addition, references for authorisation of the mortgagee, by giving information of such things as will be considered default by the mortgagor and ...

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