“Hello, lawyer! My family lives in Phan Thiet and the whole family makes a living by fishing. Now that my son has grown up, he also wants to have his own boat so that he can do his own business to take care of his future life. I can’t support my family who still doesn’t have enough capital to build or buy a new boat, so I want to ask if the boat can register a security measure, for example, mortgage the ship to the bank to borrow money? If yes, how to register security interest by ship?“. Thanks for your question. To answer this question, today, LSX Lawfirm will give you an article about “Registration of security interest by ship according to Vietnamese law“, as follows:
Legal grounds
- Civil Code 2015
- Decree 102/2017/ND-CP
Dossier for registration of security interest by ship
Dossier for registration of ship mortgage
Therefore, the mortgage of a ship is one of the cases in which a security interest must be registered; Therefore, the applicant for registration submits 01 sets of the following documents:
The registration request form (01 original);
Ship mortgage contract (01 original or 01 certified true copy);
Authorization document in case the registration requester is an authorized person; (01 original or 01 certified copy; or 01 uncertified copy with the original for comparison).
Dossier for registration of reservation of ownership of a ship
In case of purchase and sale of seagoing ships with retention of ownership rights; The requester for registration shall submit 01 sets of applications for registration of ownership retention as follows:
The registration request form (01 original);
Contract of sale and purchase of seagoing vessel with terms of title retention; or a contract of sale and purchase of a ship with a document on the reservation of ownership of the ship; (01 original or 01 certified true copy);
Authorization document in case the registration requester is an authorized person; (01 original or 01 certified copy; or 01 uncertified copy with the original for comparison).
Dossier for registration of change of security interest by ship
The requester for registration shall submit 01 sets of applications for registration of changes as follows:
Change registration request form (01 original);
Modified contract; supplementing the ship mortgage contract or the revised contract; supplementing the ship sale and purchase contract with the title retention clause or the revised document; supplementing documents on the reservation of ownership of ships, or a document proving the changed content (01 original or 01 certified true copy);
The certificate of registration of security interest in ships has been granted; (01 original or 01 certified true copy);
List of registered ship mortgage contracts; or a list of contracts for the sale and purchase of ships with terms of title retention; or documents on the reservation of ownership of registered seagoing ships; in case of change of name of the secured party; or change the secured party in many ship mortgage contracts; or a contract of sale and purchase of a ship with a title retention clause; or documents on the reservation of ownership of registered seagoing ships; (01 uncertified copy);
Authorization document in case the registration requester is an authorized person; (01 original or 01 certified copy or 01 uncertified copy with the original for comparison).
Dossier for correcting errors in contents of security interest by ship
In case the registration requester discovers that there is an error in the registered security interest content; due to the registry’s fault; then submit 01 set of error correction dossiers as follows:
Request for correction of errors (01 original);
The certificate of registration of security interest in ships has been issued if there is any error; (01 original or 01 certified true copy);
Authorization document in case the registration requester is an authorized person; (01 original or 01 certified copy or 01 uncertified copy with the original for comparison).
Dossier for registration of a written notice of asset handling
The requester for registration shall submit 01 application for registration of the following written notice of the disposal of the ship’s mortgaged property:
A written request for registration of a notice on the disposal of the mortgaged property (01 original);
Written notice on the disposal of the mortgaged property; (01 original or 01 uncertified copy with the original for comparison);
The certificate of registration of security interest in ships has been granted; (01 uncertified copy);
Authorization document in case the registration requester is an authorized person; (01 original or 01 certified copy or 01 uncertified copy with the original for comparison).
Dossier for deregistration of security interest by ship
The requester for registration shall submit 01 application for deregistration of security interest as follows:
Request for registration deletion (01 original);
The certificate of registration of marine protection by ships has been granted; (01 original or 01 certified true copy);
The secured party’s written consent to deregister the security interest by ship; (01 original or 01 uncertified copy with the original for comparison) or written confirmation of termination of obligations of the securing party to the secured party; (01 original or 01 uncertified copy with the original for comparison) in case the requester for deregistration is the guarantor and there is no sign of the secured party on the request for deregistration;
Authorization document in case the registration requester is an authorized person; (01 original or 01 certified copy or 01 uncertified copy with the original for comparison).
The case of deregistration has been distrained by the civil judgment enforcement agency or the bailiff’s office; finished handling the security assets; The requester for registration shall submit 01 sets of the following deletion dossier:
The papers mentioned at Points a, b, and d, Clause 1 of this Article;
Written certification of the result of handling the security property by the civil judgment enforcement agency or the bailiff’s office; (01 original or 01 certified copy or 01 uncertified copy with the original for comparison).
Procedures for registration of security interest by ship
General rules
In case of mortgage registration; registration of ownership retention; register to change the registered security interest content, delete registration; registration of written notices on the disposal of the mortgaged property; within the time limit for processing the application;
The vessel registration agency of Vietnam inspects; verifies the information in the file with the information kept in the national registration number of Vietnamese ships;
Record mortgage registration contents; contents of reservation of ownership of ships; written notice of the disposal of the mortgaged property; register changes, delete registration; into the Vietnam National Register of Ships and issue a written certification of registration of security interest in ships to the requester.
In case of registration of a written notice of the disposal of the mortgaged property; then the Vietnam Ship Registration Authority shall send a written certification of registration of security interest in a ship to the parties to jointly accept the mortgage; in case the ship used to secure the performance of many obligations; according to the address kept in the Vietnam National Register of Ships.
Another case
In case the registry finds it in the Vietnam National Register of Ships; or in the certificate of registration of security interest in ships issued there is an error in the registered contents due to their own fault; then within 1 working day; The Vietnamese ship registration agency is responsible for correcting erroneous information about the registered contents in the Vietnam National Register of Ships;
If there is an error in the granted security interest registration certificate; then amend and re-issue the certificate of registration of marine protection by sea; at the same time send a written notice to the requester for registration of information correction, and revoke the certificate of registration of security interest already issued with errors.
In case the registration requester submits a dossier requesting correction of errors in the contents of the RR by a registered ship due to the registry’s fault; then within 1 working day; The Vietnam Ship Registration Authority is responsible for correcting and re-granting the written certification of registration of security interest in ships and returning the results to the requester.
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Related questions
We can understand that registering a security interest by a ship means using a ship as security; registering for measure 1 in the following cases: registration of mortgage; registration of ownership retention; registering to change content; correct errors; To sign a written notice of property disposal or to register for deletion of security interests by ship in accordance with regulations.
According to the provisions of Article 31 of Decree 102/2017; Types of seagoing ships to be mortgaged; include: Vessels registered for an indefinite period; Vessels registered for a limited time; Ships under construction; Temporary registration of seagoing vessels; Small ocean liners.
Disposal of collateral means the performance of one of the methods by the secured party to the handling of security assets prescribed by the Civil Code and other legal documents on transactions in order to advance its interests. in a secured obligation relationship
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