Satisfaction of Mortgage Form
Satisfaction of vessel mortgage form with example and instructions.
The Satisfaction of Mortgage form is designed to offset or release a preferred mortgage that has been recorded against a USCG documented vessel. When properly executed, it will qualify for filing with the National Vessel Documentation Center. Upon processing, it becomes recorded on the vessel's underlying abstract of title.
Usage Context
A preferred vessel mortgage provides the mortgagee with full control over any subsequent changes to the documentation status. Upon retirement of the underlying obligation, the mortgagee must file a Satisfaction of Mortgage form that vacates such encumbrance. Failure to do so in a timely manner can have consequences for the mortgagee.
Form Example and Conversion
Examples of the satisfaction of mortgage form is available in Adobe PDF format from the Referrals for this page. One is for a mortgage that has already been recorded whereas the other is for a pending mortgage that has not yet been recorded. These 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
Vessel Name - Insert the vessel's name under which currently documented.
Official Number - Insert the official U.S. Coast Guard documentation number.
If an official number has not yet been assigned, this can be changed to
reflect a hull identification number if shown on the mortgage.
Name of Mortgagor - Insert the owner's name under which documented when the mortgage was granted.
Name of Mortgagee - Insert the lender's name as shown on the underlying
mortgage. Also list any subsequent parties if the mortgage has been
assigned.
Amount of Mortgage - Insert the original mortgage amount and
any amended amounts.
Date Recorded - Insert the date on which the mortgage was recorded.
Recorded in Book No./Batch No. - Insert the book or batch number under which recorded.
Page No./Document Id. - Insert the page number or document identification under which recorded.
Signature - Must be signed by or on behalf of the mortgagee
or assignee.
Date - Insert the date on which signed.
Name and title of person signing - Insert the name and title of the person signing.
Signature Requirements
The form must be signed by the mortgagee or assignee if applicable. 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. The acknowledgement date can not precede the respective signature date. Any alterations made in the notary's presence must also be noted by the notary. Alterations that were apparently made subsequent to this may be cause for rejection.
Conclusion
Acceptance of this form is subject to approval and may have legal implications. You should check with the documentation center or an attorney about any such concerns.
References and Referrals
Comments - Suggestions - Corrections