67.235 – Requirements for Mortgages

67.235 – Requirements for Mortgages

(a) A mortgage presented for filing and recording must:
(1) Be signed by or on behalf of each mortgagor; and
(2) Recite the following:
(i) The name and address of each mortgagor and the interest in the vessel held by the mortgagor(s);
(ii) The name and address of each mortgagee and the interest in the vessel granted by the mortgage; and
(iii) The amount of the direct or contingent obligations that is or may become secured by the mortgage, excluding interest, expenses, and fees. The amount may be recited in one or more units of account as agreed to by the parties.

(b) A mortgage submitted for filing and recording as a preferred mortgage must cover the whole of a vessel.

(c) A mortgage which secures more than one vessel may, at the option of the parties, provide for separate discharge of such vessels.