What is the scope of the International Convention on Maritime Liens and Mortgages?

The International Convention on Maritime Liens and Mortgages is a multilateral agreement that establishes a legal framework for protecting the interests of maritime financiers, creditors and other maritime claimants. This agreement states that certain designated maritime liens and mortgages have international recognition not just in the country where they are registered, but in any other country that is a member of the convention. The scope of the convention covers all marine vessels, including ships, oil rigs, and pleasure boats, or any other vessel that sails the sea or navigates inland waters. The convention also covers all related maritime property, including bunkers, garage stores, and other movable property. As long as the vessel or equipment is related to maritime activities, it is covered by the convention. The convention provides protection for maritime creditors and claimants by giving them the legal standing to secure their interests in case of default. This means that if a ship or other vessel is sold, creditors may exercise their lien or mortgage in order to collect their debt. This protection means that creditors can rely on the convention when doing business with international maritime entities. Overall, the scope of the International Convention on Maritime Liens and Mortgages is extensive, and applies to all vessels and maritime-related property. The convention provides a legal framework for securing the interests of maritime financiers, creditors and other claimants, thereby protecting them in an international context.

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What is the scope of the International Convention on Maritime Liens and Mortgages?

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