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The Commonwealth of Dominica International Maritime Act incorporates a range of 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 Commonwealth of Dominica. Preferred status, accorded to a mortgage under Chapter 3 of the Act, gives priority to the lender’s mortgage lien over those of certain other claimants. Mortgages can be pre-registered by receiving faxed copies of the following documents. For final recordation, originals must be received via courier at our premises.
. Preferred Mortgage (3 signed and notarized copies).
. Memorandum of Particulars (3 signed and notarized copies).
. A Bill of Sale or Builder’s Certificate (3 signed and notarized copies) in the following cases: change of ownership, registration the vessel and recordation of mortgage at the same time.
We can accept faxed or emailed copies of these documents at the time of closing, so we can prepare a Certificate of Ownership and Encumbrance to be sent to the Mortgagee on the day of the closing. If the mortgage is recorded after the vessel’s initial registration, a revised Certificate of Registration will be issued reflecting the Encumbrance recording at no additional charge.