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

The International Convention on Maritime Liens and Mortgages (ICMLM) is a treaty that establishes the rights and liabilities of those involved in maritime commerce, including ship owners and lending institutions. The Convention defines who has a claim to a maritime lien (a legal claim to the vessel or its cargo) or a maritime mortgage (a security interest in a vessel). Under the Convention, a maritime lien can be created due to services or materials necessary for the operation of a vessel, such as repairs, supplies, and towage. Maritime lien can also be created due to wages due to a crew member or salvage services. The Convention establishes that these liens have priority over other claims, meaning that it is the first debt that must be paid before any other claims can be made. The Convention also defines the rights and obligations of parties involved in a maritime mortgage. Maritime lien holders have priority over mortgage claims, meaning that in the event of default, liens will be paid first. The Convention also sets out regulations allowing a mortgage holder to foreclose on a vessel. Overall, ICMLM is an important treaty that provides a framework for international maritime commerce. It seeks to ensure that all parties involved in a maritime transaction are protected, from vessel owners to crew members to lenders. This ensures that the international maritime industry can thrive and continue to operate without disruption.

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

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