Interest rate swap liabilities may be secured by a mortgage against a Jamaican ship Question 11. What remedies are available to enforce the mortgage?
The Shipping Act, 1998 gives the registered mortgagee absolute power to dispose of the ship in which he is registered as mortgagee. This statutory power includes the power of sale which is exercisable without the need to apply for a Court Order. The mortgagee may also exercise his rights to arrest the ship and to apply to the Court for an order for the sale of the ship. Question 12. Are any stamp duties, taxes or other levies payable in order to: a) register mortgages; b) enforce mortgages; No duties, taxes or levies are payable in relation to the registration or enforcement of a mortgage on exempted ships.
