Ship Mortgages

In an attempt to revamp its ship registry business, Honduras has passed a new maritime law to reform its registration and vessel mortgage recording procedures. The new law went into effect on January 1, 1995. For a ship registry, having the trust and confidence of the finance community and legal establishment that services it can be critical, more critical even than a safe reputation.

We are reminded of one startup registry that decided the best marketing dollar spent was to ask several law firms to review his mortgage laws and render an opinion on them. He knew, of course, that his laws were already an amalgam of their work as reflected in the laws of several other registries. Still, it would be hard for them to criticize the laws later – he was, after all, a client.

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