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Table of Contents Background 2 Remedies open to the Mortgage 2 Collateral Deed 2 Registered Deed 3 Defaults in instalments 3 Defaults in insuring the vessel 4 Endangering the security 4 Mortgagor in financial difficulties 5 Action to be taken by the mortgagee 6 Foreclosure 7 Other claims that would be exposed to the "Margarita Sunrise in the event of an arrest in Portsmouth, UK 7 Claim of unpaid Seamen's Wages 7 Claim from the bunker supplier 8 Rank of other claims against the claim of the mortgage 8 Background The "Margarita Sunrise" was mortgage for £ 3 000 000 with the Hasselfree Credit Corporation under a registered deed dated 4th January 2003. The vessel was time chartered for a period of 3 years from Dec 2001 to carry Soya bean from Argentina and Brazil to Taiwan. During her second year of the charter she met with an accident (off the coast of Buenos Aires) and had to undergo emergency repairs to fix her engines. Over the next few months she experienced frequent problems with her engines, and it was...

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