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The conditional bill of sale refers to any assignment or transfer of personal chattels to a person by way of security for the payment of money. The conditional bill of sale creates a security in favour of the grantee of the bill whereby the grantee is given personal right of seizure giving right to a security interest of a possessory nature.
The sale and purchase of ship is an important aspect of the shipping industry. It may involve large amounts of money and requires brokers to possess knowledge of types of vessels and their function, knowledge of maritime law, as well experience in bargaining .
In general, a bill of lading serves as a legal instrument focusing on and documenting such issues as ownership, whereas a cargo manifest is often more concerned with physical aspects of the cargo, such as weight and size. When the cargo is being shipped by several different shipping companies on the same vessel, there will usually be separate ...
Another method is an execution sale in a rem. This also removes the attachment of the lien. The new shipowner will get the vessel with clear title. This rule could be applied in case of an international judicial sale, such as an action in rem. Destruction of the res results in the extinction of the lien.
A department of motor vehicles (DMV) is a government agency that administers motor vehicle registration and driver licensing. In countries with federal states such as in North America, these agencies are generally administered by subnational entities governments, while in unitary states such as many of those in Europe, DMVs are organized ...
In the Merchant Shipping Act 1894 (57 & 58 Vict. c. 60), it is provided that only registered ships can be subject to statutory legal mortgages; any other mortgage related to ships shall take effect as a purely equitable mortgage, which may emerge on unfinished vessels, foreign vessels, and others.
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