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

The International Convention on Maritime Liens and Mortgages (ICMLM) is an international agreement signed by multiple countries to protect maritime loans and mortgages. It is the most comprehensive international instrument governing these types of loans and mortgages. The ICMLM sets out the legal framework for the recognition, enforcement and priority of maritime liens and mortgages, and the rules for their creation and security. These rules are applicable to all vessels, regardless of the country where the vessel is registered or the country in which the loan or mortgage is granted. The ICMLM grants protection to the lender by creating a lien on the vessel that is very difficult to challenge or cancel. This lien will be enforced even if the vessel changes registration or is sold. The ICMLM also outlines the procedures for registering the lien, which helps to create a reliable system to track and secure maritime financing. The scope of the ICMLM is limited by certain restrictions. For instance, the convention does not cover contracts for the hire of boats, vessels under construction, vessels without a motor, or pleasure boats and fishing vessels. Furthermore, certain national laws may not be bound by the ICMLM. In Minnesota, for example, the maritime liens and mortgages are governed by the Minnesota Maritime Lien Act.

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

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