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August 2022 Amendment to Liberian Maritime Law.

Country/Territory
Liberia
Document type
Legislation
Date
2022
Source
FAO, FAOLEX
Long title
An Act to amend and restate Chapter 3: Preferred ship mortages and maritime liens on Liberian vessels, of the Liberian Maritime Law, Title 21, Liberia Code of Law Revised.
Subject
Sea
Keyword
Navigation Procedural matters
Geographical area
Africa, Least Developed Countries, North Atlantic, Western Africa
Entry into force notes
This Law enters into force on August 9, 2022.
Abstract

These amendments to the Liberian Maritime Law signify that (i) Liberia officially embraces electronic filing of mortgage instruments, a practice initiated during the COVID-19 pandemic; (ii) mortgage debt documents, such as loan or hedge agreements, don't have to be appended to or filed with the mortgage instrument; (iii) changes to underlying debt—like interest rate, payment terms, or maturity date—generally do not mandate a mortgage amendment, except when the maturity date is initially stated in the mortgage; (iv) a reduction in the total secured amount under the mortgage doesn't necessitate a mortgage amendment.

Full text
English
Website
www.liscr.com

References - Legislation

Amends

Maritime Law (2013 Revision).

Legislation | Liberia | 1956 (2018)

Keyword: Marine pollution, Fishing vessel, Registration, Tax/levy, Institution, Navigation, Liability/compensation, Enforcement/compliance, Offences/penalties

Source: FAO, FAOLEX