• Hits: 606

Mortgage Recordation

Preferred Mortgage: The FSM maritime act 1997 has the provisions for the recordation of security –related instruments and documents of the title. This Mortgage recordation gives notice to creditors, purchasers, suppliers and other parties with an interest in such transactions, and furnishes an internationally enforceable structure for the protection of those legal rights recorded with respect to a vessel of the Federated States of Micronesia (FSM). According to a mortgage act ,it give priority to the lender’s mortgage lien over those of certain other claimants.

Continuing a Previously Recorded Foreign Mortgage: 

To continue the preferred status of a previously recorded foreign mortgage, owners may submit the recorded foreign mortgage and a signed mortgage instrument which will be recorded when the vessel is registered in the MISR-FSM. This mortgage instrument will change the governing law of the mortgage to reflect the MISR as the law governing the mortgage

Security Interests: An MISR preferred mortgage may secure sale and lease transactions, contingent and future obligations, the Japanese ne-teito type of floating mortgage facility, advances and repayments, guarantees and multiple types of collateralization incidental to the diversified ownership of more than one vessel.

The initial Application for Registration may be completed and submitted online or downloaded and faxed/mailed to any MISR Offices. Vessel Registration and Mortgage Recordation Fees are available online. Vessel registration and mortgage applications, publications and sample forms may be obtained from any MISR office or requested directly by completing and submitting our online quotation request form and completed application.

DOCUMENTS REQUIREMENTS:

Other Services:

  • Bareboat Charter Registration
  • Foreign Bareboat Charter Registration
  • Re-Registration
  • Change of vessel name
  • Mortgage modifications

Download/Online Submission:

  • Ship registration Application form –SRA01
  • Quotation Request form