The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
Registration can have an important effect on the priority of competing security interests.
Broadly speaking, there are two different systems for registration:
registration against the asset which has been secured, and
registration against the entity providing the security
This Practice Note is concerned with the first system of registration, where the asset which is the subject of the security is a ship registered in the UK. It briefly outlines the registration regime for ship mortgages before explaining the impact of registration on priority of competing security interests over ships.
For information about how registration against other assets affects priority of security interests, see Practice Notes:
Effect of registering security at HM Land Registry/Land Charges Department on priority of security interests
Effect of registering security on the UK Register of Aircraft Mortgages on priority of security interests, and
Effect of registering security at the IP registries on priority of security interests
Most security interested created byd a company formed and registered under the Companies Act 2006 will need to be registered at Companies House in order to be effective. For information about registration at Companies House, see Practice Note: Registering security at Companies House. For information about how such registration affects priority of security interests, see Practice Note: Effect of registering security at Companies House on priority of security interests.
The rules governing priority of
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