Commercial Maritime Law

Liens on a vessel shall expire in the following cases: 1. Judicial sale of the vessel by public auction. 2. Voluntary sale of the vessel by public auction. In such case, the expiration of the lien shall require the following: a) Entering the bill of sale in the designated register. b) Publishing the sale on the noticeboard of the vessel registration office and on the Authority’s website. Such announcement shall include a statement of the sale, price, and buyer’s name and domicile. c) Publishing the contract summary in a daily newspaper or other publication, and on the Authority’s website, stating the price and buyer’s name and domicile. Such summary shall be published twice with an interval of seven days, in accordance with the regulations. d) The lien holder shall not, within 30 days from the date of the last publication, file an objection to the sale with the competent court. 3. The lapse of one year, except for liens pertaining to supply-related debts stipulated in Article 46(6) which shall expire upon the lapse of six months. Said periods shall commence in accordance with the following: a) For liens securing rewards for rescue operations, from the date of completion of such operations. b) For liens securing compensations arising from collisions and other accidents or bodily injuries, from the date of injury or death. c) For liens securing compensations arising from loss of or damage to goods or baggage, from the date of actual or set delivery of such goods or baggage. d) For liens securing debts relating to repairs and supplies and all cases stipulated in Article 46(6), from the maturity date of such debts. e) For all other cases, the periods for the expiration of liens shall commence from the maturity date of the debt.