Liberia’s Mortgage Action: Financial Crisis Breeds Thoughtful Response

Today it is not just shipowners who have cause to be concerned about their financial health, as we all know many of the world’s banks are shaky and have been rescued by government support. Liberia’s initiative in adopting the “Insolvency of Foreign Mortgagees Act” will enhance the security and protection of preferred ship mortgagees by emphasizing the rule of law in the event a Bank (holding a Liberian mortgage) fails.

The matter was particularly important within the German shipping market where the financial sanctity of the Pfandbrief (covered) bonds must remain absolute. That market has a total volume of

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