Assignment of Preferred Mortgage Form
Assignment of Preferred Vessel Mortgage form with examples and instructions.
The assignment of preferred vessel mortgage form can be used to transfer all rights and entitlements of the underlying mortgage to another party. It is not intended to change the actual terms as this is accomplished through the recording of an amendment.
Usage Context
The Assignment of Preferred Vessel Mortgage when properly executed is considered as a recordable instrument subject to filing with the National Vessel Documentation Center. Upon acceptance, it is indexed and recorded separately on the vessel's underlying abstract of title.
Form Examples
Examples of the assignment are available in Adobe PDF format from the Referrals for this page. One is for an assignment to a mortgage that has already been recorded. The he other applies to a mortgage that has not yet been recorded. 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.
Citations and Instructions
You may change this form to suit your own circumstances.
However, removal of certain citations may affect its recording viability.
The instrument may not be changed or altered after it has been executed unless the notary specifically notates such alterations in the Acknowledgement.
Paragraph 1 - Insert the Assignor and Assignee names and addresses, the vessel information, and recording information about the mortgage which is being assigned.
The addresses are required for recording purposes. The vessel's hull identification number can be substituted for the Official Number if identified as such. If the underlying mortgage is being submitted with the assignment,
replace the recording information with the words" which is submitted herewith for filing and recording prior to this assignment".
Signature Date Line - Insert the date on which the assignment was executed.
This can not pre-date that of the underlying mortgage.
Signature Lines - Insert the name or names of the parties signing and their capacities. The assignment can not be executed in counterparts.
However, a separate signature page can be attached if necessary.
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 the jurisdictional requirements.
Please note that attachments count as additional pages with respect to recording fees. The acknowledgement date can not precede the respective
execution date.
Conclusion
If unsure of whether an assignment contains the required citations, it can be accompanied by an optional application for filing as shown in the referrals. In any event, an assignment to preferred mortgage instrument can affect the legal rights of the respective parties. You should consult with an attorney with any such concerns.
References and Referrals
Comments - Suggestions - Corrections