Colombian Commercial Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title VIII - ship financing - Chapter III - Mortgage - From: Section 1570 At: Art: 1577

CHAPTER III

Mortgage

Section 1570 .- Mortgaged vessels may highest and the lowest dedicated to fishery, scientific research or for recreation. The other may be encumbered with a pledge.

Section 1571 .- The mortgage deed shall contain:

1. The name, nationality and address of the creditor and the debtor;

2. The amount of the tax credit guarantees, particularly in liquid amount and the interest thereon. If the mortgage is open indicating the maximum amount guaranteed;

3. The deadline date for payment of principal and interest;

4. Name, type, tonnage, address and full description of the ship that is taxed, and the number and date of registration. If the burden fall on a ship under construction, should be fully identified by the specifications necessary for the registration of the ship;

5. The estimated value of the vessel while being taxed;

6. The information about insurance and taxes, as well as accessories that are excluded from the warranty and

7. Other stipulations agreed to by the parties.

Paragraph .- The lack of any of the specifications outlined in the ordinals 1st. to 6th. nullifies the tax when by such omission can not know with certainty who is the creditor or the debtor, which the amount owed and the date or condition of hanging their enforceability and the ship which is taxed.

Section 1572 .- The mortgage deed is recorded under the same captain that the ship is registered, and if it is a ship under construction, registration will be in the harbourmaster of where is the shipyard. 
The registration of the mortgage will contain, on pain of invalidity, in addition to the essential indications that the previous article, the number and date of writing and that notice was given.

Registration can be done only on pain of invalidity, within thirty days from the date of writing, if granted in the country, and nineties when granted abroad.

Section 1573 .- The omissions in the registration of the mortgage when it nullifies the record, the fact will be omitted unenforceable third parties in good faith free of guilt.

Section 1574 .- The mortgage will entitle the creditor to be paid from the proceeds of the mortgaged vessel in preference to any other creditor that is not covered with one of the privileges of dealing ordinals 1st. to 6th. inclusive of Article 1556.

Section 1575 .- Unless otherwise agreed, the mortgage shall include, in addition to the ship and accessories listed in Article 1562, the amount owed by insurers.

Section 1576 .- All vessels must have, among the documents on board, a summary table entries evidencing the existing mortgage on the day of departure. This table contains an indication of the date of each registration, the names of creditors and the value of the obligation to guarantee the mortgage, and placed in a visible place of the captain's office.

Section 1577 .- The rights under the mortgage shall be barred by lapse of two years from the date of maturity of the obligation in question.