Ship mortgage bond (bottomry bond)

A bond used to finance the construction of ships. The Pfandbrief is covered by a ship mortgage. In detail, the Schiffsbeleihungswertermittlungsverordnung – Regulation on the Determination of the Mortgage Lending Values of Ships and Ships under Construction pursuant to § 24 (1) to (3) of the Pfandbrief Act (SchiffsBelWertV) of May 2008 applies – See bank bond, side letter, ship financing.

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