Ship Mortgage Registration

OUR EXPERIENCE:
The legal requirements to register a Panamanian mortgage are easy to follow. Article 1515 of our Commercial Code establishes the minimum requirements that a naval mortgage document must have.Based on this basic requirements our experience at this pratice for many years allows our clients to save time and money on expenses for translation fees and notarial paper.As long as the requirements of Article 1515 are duly indicated on the mortgage contract,there is no need to attach or to translate all the other documents related to the mortgage,that according to our experience are extremely long.This method of operation has proved to be a very useful formula for our clients in Asia,with whom we have a very long tradition of working together in these areas of law.
The procedures for the registration of Mortgage are straightforward so that the whole process can be expeditiously completed.Preliminary Registration may be requested at our Consular Offices.An appointment must be made for this purpose.
The whole procedure will take approximately one business day.Provisions have been made to allow the preliminary registration of mortgage and title deeds after working hours.
The Panamanian Ship Mortgage,once registered,grants a right in full to the mortgage.The encumbrance follows the ship even when sold.The mortgage thus has a right to pursue attachment or have the ship sold in order to collect his credit,with preference over the creditors of less standing.
Preliminary registration of title/mortgage is easily accepted by USA,European and worldwide banks as providing satisfactory security.
24 HOURS SERVICE:
Due to the fact that Panama may have time differences with respect to some of the main countries involved in the shipping business,our office may offer a 24-hour services when requested in advance and duly coordinated in order for us to arrange the special opening of the Public Registry and the Merchant Marine Office.
You can check our web page or any hotline service to get more information!