International Registries, Inc. providing support to the Marshall Islands Maritime & Corporate Administrators
 

MORTGAGE RECORDATION

Preferred Status: The Marshall Islands Maritime Act incorporates provisions for the recordation of security-related instruments and documents of title. 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 Republic of the Marshall Islands (RMI). Preferred status, accorded to a mortgage under the Act, gives priority to the lender's mortgage lien over those of certain other claimants.

Security Interests: A RMI 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.

Continuing a Previously Recorded Foreign Mortgage: Due to ground-breaking amendments passed on March 10, 2000 by the RMI legislature, owners now have an option to "tack on" a previously recorded mortgage. To continue the preferred status of a previously recorded foreign mortgage, owners may submit the recorded foreign mortgage and a simple (signed) mortgage instrument which will be recorded when the vessel is registered in the RMI. This mortgage instrument will change the governing law of the mortgage to reflect the RMI as the law governing the mortgage.


For a copy of this new amendment, a sample mortgage instrument and other registration and mortgage recordation requirements, contact any IRI office.


OTHER SERVICES


  • Bareboat Charter Registration

  • Foreign Bareboat Charter Registration

  • Re-Registration

  • Change of Vessel Name

  • Mortgage Modifications


For more information on the following please complete the Visitor Form.



APPLICABLE DOCUMENTS


MI-100 - The Republic of the Marshall Islands Vessel Registration and Mortgage Recording Procedures
This current edition of the MI-100 includes the registration procedures for yachts and fishing vessels.


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


For further information on mortgage recordation, please contact any IRI office.


NOTE: All applications for Provisional Registration are subject to approval by this Administration. Accordingly, the mere submission of an application for Provisional Registration does not ensure that a vessel will be accepted for entry into the Registry or flag of the Republic of the Marshall Islands.



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