Cayman Management can arrange the change of ownership for vessels already registered in the Cayman Islands. The degree of documentation required is similar to full registration but there is no requirement for a new survey, a copy of the existing Certificate of Survey and Tonnage Certificate will suffice. We would also require a current Transcript of Registry showing the vessel to be free from encumbrance together with an executed Bill of Sale.
Change of Ownership
Registration/Deletion of Marine Mortgage
The registration or deletion of mortgages is a very important part of a vessel’s registration and as a Class 1 registry the CISR affords security of title to mortgagees. Cayman Management can assist with this process.
The registration of a mortgage on a Cayman Islands registered vessel is a straight forward process requiring the delivery of the duly executed mortgage documents.
The Registrar will record the details of the mortgage on the Register and endorse on the mortgage document itself the date and time of registration.
Mortgages rank for priority in order of the date and time of registration and may be in one of two forms:
- Principal Sum and Interest – the Registrar will record the principal sum and interest as agreed, where available
- Account Current – the Registrar will record that the mortgage amount due at a particular point in time is subject to the sum that is due on the account at that time
In the event of a vessel being seized or impounded, the mortgagee’s interest remains registered and subject to a Court Order, if applicable.
A mortgage may be recorded irrespective of the underlying vessel type and these mortgages remain registered until they are discharged, even if a vessel ceases to be registered in the Cayman Islands.
Cayman Management can also assist with many other services such as a change of name, change of vessel type (Pleasure Yacht to Commercial Vessel), renewals and amendments to certificates, manning and other certificates etc.
To find out more about the various services offered by Cayman Management Contact us.