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International Convention on Maritime Liens and Mortgages 1993

[Preamble]

Article 1 - Recognition and enforcement of mortgages, "hypothèques" and charges

Article 2 - Ranking and effects of mortgages, "hypothèques" and charges

Article 3 - Change of ownership or registration

Article 4 - Maritime liens

Article 5 - Priority of maritime liens

Article 6 - Other maritime liens

Article 7 - Rights of retention

Article 8 - Characteristics of maritime liens

Article 9 - Extinction of maritime liens because of time

Article 10 - Assignment and subrogation

Article 11 - Notice of forced sale

Article 12 - Effects of forced sale

Article 13 - Scope of application

Article 14 - Communication between States Parties

Article 15 - Conflict of conventions

Article 16 - Temporary change of flag

Article 17 - Depositary

Article 18 - Signature, ratification, acceptance, approval and accession

Article 19 - Entry into force

Article 20 - Revision and amendment

Article 21 - Denunciation

Article 22 - Languages

[Post Provisions]

[Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts; & Deposited Clauses)]

Annex - International Convention on Maritime Liens and Mortgages, 1993

[Annex]

[Annex Post Provisions]

[Annex Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts; & Deposited Clauses)]

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

International Convention on Maritime Liens and Mortgages 1993, Held at the Palais des Nations, Geneva, from 19 April to 6 May 1993

United Nations (UN)

copy @ Lex Mercatoria

International Convention on Maritime Liens and Mortgages 1993

Article 12 - Effects of forced sale

1. In the event of the forced sale of the vessel in a State Party, all registered mortgages, "hypothèques" or charges, except those assumed by the purchaser with the consent of the holders, and all liens and other encumbrances of whatsoever nature, shall cease to attach to the vessel, provided that:

(a) at the time of the sale, the vessel is in the area of the jurisdiction of such State; and

(b) the sale has been effected in accordance with the law of the said State and the provisions of article 11 and this article.

2. The costs and expenses arising out of the arrest or seizure and subsequent sale of the vessel shall be paid first out of the proceeds of sale. Such costs and expenses include, inter alia, the costs for the upkeep of the vessel and the crew as well as wages, other sums and costs referred to in article 4, paragraph 1 (a), incurred from the time of arrest or seizure. The balance of the proceeds shall be distributed in accordance with the provisions of this Convention, to the extent necessary to satisfy the respective claims. Upon satisfaction of all claimants the residue of the proceeds, if any, shall be paid to the owner and it shall be freely transferable.

3. A State Party may provide in its law that in the event of the forced, sale of a stranded or sunken vessel following its removal by a public authority in the interest of sate navigation or the protection of the marine environment, the costs of such removal shall be paid out of the proceeds of the sales, before all other claims secured by a maritime lien on the vessel.

4. It at the time of the forced sale the vessel is in the possession of a shipbuilder or of a shiprepairer who under the law of the State Party in which the sale takes place enjoys a right of retention, such shipbuilder or shiprepairer must surrender possession of the vessel to the purchaser but is entitled to obtain satisfaction of his claim out of the proceeds of sale after the satisfaction of the claims of holders of maritime liens mentioned in article 4.

5. When a vessel registered in a State Party has been the object of a forced sale in any State Party, the competent authority shall, at the request of the purchaser, issue a certificate to the effect that the vessel is sold free of all registered mortgages, "hypothèques" or charges, except those assumed by the purchaser, and of all liens and other encumbrances, provided that the requirements set out in paragraph 1 (a) and (b) have been complied with. Upon production of such certificate, the registrar shall be bound to delete all registered mortgages, "hypothèques" or charges except those assumed by the purchaser, and to register the vessel in the name of the purchaser or to issue a certificate of deregistration for the purpose of new registration, as the case may be.

6. States Parties shall ensure that any proceeds of a forced sale are actually available and freely transferable.


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