Commercial Maritime Law

1. If the ownership of a mortgaged vessel, or part thereof, is transferred prior to making an entry of the arrest notice, the mortgage creditor who has initiated the enforcement proceedings against the vessel shall notify the person in possession of said vessel of the arrest notice, and officially demand that he Commercial Maritime Law pay the price. 2. If the person in possession of the vessel wishes to avoid the arrest and sale proceedings, he shall, prior to commencement of proceedings or within 15 days following the notification, inform the creditors entered into the ship registry of the contract’s summary, providing its date; the vessel's name, type, tonnage, and value; costs; a list of the entered debts along with their dates and amounts; and the names of the creditors, and that such person is willing to immediately pay the debts secured by the mortgage within the value of such vessel.