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Registration of Mortgage
To register a Mortgage, the registry requires the following documents to be submitted:
- Notarised Original Mortgage Deed (Form M1)
- Notarised Original Mortgage Agreement (Deed of Covenance) and/or Facility Agreement with details of the loan such as Loan Amount, Date of Maturity, Interest etc.
- A certificate of incumbency or register of directors showing the names of the directors of the Owner.
- If the vessel is still under Provisional Registration i.e. the Original Bill of Sale has not been sighted by the Registry, then the Registry will require a letter from the Mortgagee or authorised Attorney stating that they have sighted the Original Bill of Sale.
Upon submission of a copy of all the above documents (either by fax or email), this administration will provisionally record the date, time and priority of the mortgage registration using the time the email or fax was received PROVIDED that all documents are properly executed and are in order. The client should then undertake to courier the original Mortgage Deed and Mortgage Agreement to this office.
Upon receipt of the original documents, the Registry will permanently record the date, time and priority of the mortgage registration as at what was recorded provisionally when the copies were received and subsequently issue a Certificate of Mortgage Registration.
The Registry will keep a copy of the Certificate of Mortgage Registration and the Mortgage Deed in the ship's file, and return the originals to the applicant.
Please contact our office if a legal opinion is required with regards to the Tuvalu Merchant Shipping Act.
Note:
Tuvalu does not recommend transfer of mortgages and would urge all that shipowners fully discharge a mortgage before negotiating a sale of a vessel that has a registered mortgage with the registry.
Potential buyers of Tuvalu registered vessels may apply to the Tuvalu Ship Registry to request for a transcript to ascertain if the vessel has any registered mortgages.
Discharge of Mortgage
A shipowner who wishes to discharge a Mortgage that was previously recorded may do so by submitting the Notarised Original Mortgage Deed (Form M1) with execution of Discharge by the Mortgagee and a notarised letter from the Mortgage confirming the discharge of the Mortgage.
The person executing the Discharge of the Mortgage on behalf of the Mortgagee should be the same person that executed the Mortgage Agreement (Deed of Covenance).
In the event that the Mortgagee uses another signatory to execute the discharge other than the one who executed the Mortgage Agreement, then this person must be duly authorised by a Power of Attorney (POA) from the Mortgagee. This POA will need to be notarised and submitted to the registry.
Upon receipt of the Notarised Original Mortgage Deed (Form M1) with execution of Discharge by the mortgagee and the Original Notarised Letter from the Mortgagee confirming the discarge of the Mortgage, the registry will Discharge the Mortgage and return the original Mortgage Deed (Form M1) to the applicant.
Click here to download Forms.
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