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Amendment to Preferred Mortgage Form

Amendment to Preferred Vessel Mortgage form with examples and instructions.

The Amendment to Preferred Mortgage form is designed for making changes to the terms of an underlying preferred vessel mortgage. It is viewed as a recordable instrument in it's own right and may accordingly be filed along with the mortgage or subsequent thereto.


Usage Context

The Amendment to Preferred Mortgage form can used to make corrections, change the terms or add further information to the underlying mortgage. It can not, however, be used to change the parties names or vessel identification. It is typically intended for changing the loan amount.

Form Example

Examples of the USCG Amendment to Mortgage form are available in Adobe PDF format from the Referrals for this page. They can be easily converted into your favorite word processing application for modification and editing purposes. If your system does not already have this capability, there are a number of free or subscription internet services available that can provide such an accommodation.

Instructions

Header - Insert the mortgagor and mortgagee names and current addresses. The names must match those as shown on the Coast Guard abstract of title. The percentages of equity are not required, but recommended if known. The addresses are required for recording purposes and should be current regardless of what the underlying mortgage shows.
Terms - Insert the vessel name and official numbers as currently documented. Insert the recording information of the underlying mortgage. If it has not yet been recorded then reference the date on which executed. Although not required for recording purposes, all prior supplements related to the mortgage should also be referenced. If the mortgage amount is to be changed, insert the underlying mortgage amount followed by the amount to which it is to be amended .Although an amendment may be utilized for correcting a hull identification number, it can not change the mortgagor or mortgagee names.
Signature Date Line - Insert the dates on which the amendment was executed. The mortgagor and mortgagee can sign on different dates.
Signature Lines - Insert the names of the parties signing and their capacities. If the vessel is owned by an individual, the capacity should be shown as "Owner". The amendment can not be executed in counterparts (i.e., duplicate forms signed by separate parties). However, an additional signature page can be attached to facilitate separate signings of the same amendment.
Acknowledgement - All signatures must be acknowledged by a U.S. notary, U.S. Consulate, or apostillized by a member country of the Hague Convention. The notary public may need to provide an attachment if the standard acknowledgement on this form does not fulfill your jurisdictional requirements. Please note that attachments count as additional pages with respect to recording fees. The acknowledgement date can not precede the respective signature date. The form may not be changed or altered after it has been executed unless the notary specifically notates such alterations in the acknowledgement
Attachments - If there is a new promissory note, security agreement, or loan contract, these should be referenced in the amendment and copies should be submitted as an attachment. The amendment contains a default reference to a promissory note, but this should be revised according to changes made in any other attachments to the underlying mortgage. All such attachments must reflect dates which precede or coincide with the date on which the amendment is executed.

Conclusion

If unsure of whether an amendment form contains the required citations, it can be accompanied by an optional application for filing as shown in the referrals. In any event, an amendment to mortgage instrument can affect the legal rights of the respective parties. You should consult with an attorney with any such concerns.


References and Referrals
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