Page 9: of Maritime Reporter Magazine (May 1996)

FINANCIAL UPDATE

THRUSTMASTER UNITS my other office maintained for that purpose, by submitting the locuments in any such office.

Provided that its own law per- lits, a major registry with this

Capability can coordinate ship doc- umentation and recordation ser- ices in any major financial center vhere it has a registry office. This not as simple as it may be sup- posed, for banks that lend money • which one or more ships are col- lateral usually require a lawyer's

Ipinion that each vessel is free of senior — or superior — maritime liens, mostly mortgages, that may pe recorded in the registry. They lay also require an official state- lent from the registry identifying

Jhem by date, time, book and page lumber.

Before the advent of computers, featellites and fax machines, this pften meant the expending of much pffort to assemble the necessary leople and documents at a central bffice. The personnel involved rould include lawyers, bankers, brokers, agents and the ship reg- istry's officials. The location of this office could be fairly distant from the place where the most impor- tant parts of the transaction took place, such as the shipyard or the lank.

It is difficult to estimate the cost [)f time and work involved in trans- lating signed original documents, bften notarized, legalized or con- sularized, to the ship registry's central office. Those who are

Familiar with producing directors' resolutions, powers of attorney, releases, mortgage drafts and pther paperwork can appreciate the value of dealing with a registry pffice that is close to home, or with registry which has a number of accessible offices in locations con- venient to the transaction as a vhole.

The often difficult road to regis- tration can be made faster and smoother when the necessary

Ingredients, including instruments puch as mortgages, can be recorded it the registry's local offices in dif- ferent cities, under the control of a pentral computer system.

In a situation where a number of

Renders are involved, a first mort- gage can be delivered in lotterdam, a second mortgage in

Tokyo and a bill of sale in London, luring business hours in each city,

In a coordinated sequence orches- trated through the registry's cen- tral computer system.

Such documents will have been

Recorded in compliance with gener- illy accepted international law because they will have been

I'deposited with the registrar" in iccordance with the law of the htate in which the vessel is regis- tered.

The 1926 Convention's provision that mortgages be registered in a public register at a central office jire satisfied by the computerized nature of a multi-office transac- flay, 1996 tion. This is because all of the appropriate mortgage data is immediately transmitted to the central office through the registry's computer system, linking those offices to the central office.

When a recordation is taking place, and often before this event, the central computer's safety sys- tem can "lock in" the appropriate time, book and page numbers to ensure the protection of the lenders' mortgage priority, as well as the rights of other interested parties.

Guy E.C. Maitland is executive vice president of International

Registries, Inc., which administers the Liberian and Marshall Islands ship registries.

Circle 291 on Reader Service Card

Tanker Jupiter, Bay City, Michigan

Freighter Nicol, Vera Cruz, Mexico

GLOBAL RESPONSE TO ...Accidents at Sea ...Pollution Incidents ...Environmental Threat

Underwriters and surveyors constantly rely on

Titan's experienced personnel and technical expertise.

So Can You! Increasingly, Governments around the world express their need for fast ^^^^^^^ response and quality results to ^^^^^^^^ salvor who preserve the fragile environment. ^B^^I^^H can respond

It is critical then, that ^^^H^^H and produce contingency planning include a ^^^SggU results which meet these — expectations. TITAN

MARITIME INDUSTRIES, INC. P.O. Box 350465

Lauderdale

DAMAGE STABILITY • FIREFIGHTING Florida 33335

LIGHTERING • SALVAGE _ Tel: 954-929-5200

Fax: 954-929-0102

SAO PAULO

ROTTERDAM

Circle 214 on Reader Service Card

BlOW THE OTHtRS

OUT Of THE WATER! "the, 0RI

SIMPLE* by

Blohm+Voss

Thrustmaster steerable outboard i units deliver infinite maneuverability and quiet, hydraulic efficiency.

Throstmasters are tough. In terms of power, maintainability and cost-efficiency, mechanical drives can't even come close.

Find out why vessel operators who really need reliability keep ordering Thrustmaster units for their severe service propulsion applications.

Crane Barge BOS 400, Capetown, South Africa

Split Version

There's no substitute for Blohm+Voss quality, reliability, safety and experience.

And there's no comparing the service, attention, expertise and value you get from STI along with the lowest possible prices on sterntube seals and seal spares!

Circle 289 on Reader Service Card

New York City Area

TEL: (718) 460-1220 FAX: (718) 460-1464

Buffalo New York Office

SIMPLEX-TURMAR INC. TEL: (716) 695-0142 FAX: (716) 695-0144