Commercial Maritime Law

1. A mortgage effected on a vessel or on a share therein shall remain valid against its wreck. 2. A mortgage effected on a vessel shall not apply to freight, subsidies, remunerations, assistance granted by the State, compensations due to the owner for material damage sustained by the vessel, nor insurance compensations. A mortgage contract may expressly stipulate a creditor’s right to recover his debt from the insurance compensations, provided that the insurers consent to this in writing.