Commercial Maritime Law

1. If a mortgage is effected against a share not exceeding half of the vessel, the creditor may only seize and sell such share. If the mortgage is effected against more than half of the vessel, the court may, at the request of the creditor and after executing the arrest, order the sale of the entire vessel. 2. In case of a co-owned vessel, the creditor shall officially notify all co-owners 15 days prior to commencement of the sale procedures to pay the due debt; otherwise, the enforcement procedures shall continue.