Supreme Law News

Meti M. Ukpeh, Esq. & E. D. Eboro,  Esq., Welcome Young Lawyers to the Garden City of Port Harcourt for the 2021 NBA-AGC Apparently,  the 61St AGC  is star-studded and well cooked with sociocultural,  political and intellectual ingredients;  hence, we certainly convinced  to the marrows that this  conference will certainly impact young lawyers especially and the future of the Bar.  Consequently,  we welcome all and sundry heartily. It is our belief that this AGC  would chart the right cause for the nation,  the security woes,  the political mishap, and ultimately remodeling the NBA to the betterment of the Bar.  Once again,  you are heartily welcome to the 61St AGC in Rivers State. 

INTRODUCTION It is true that business minds who invest in the business of shipping usually seek the assistance of financial institutions for finance to start up. Sometimes, these institutions advance loan to these business minds for the purchase of ships, and this is usually by way of mortgage on the ship. It is the ships themselves which serve as security for any loan until the repayment is done. The financial institution which advances the loan is known as the “mortgagee” the owner of the ship who obtain the loan is the “mortgagor”, and the ship remains the mortgaged asset. The loan agreement contain covenants regulating the conduct of the borrower, the mortgagor gives the mortgagee a preferential security interest in the ship, insurance to protect the interest of the mortgage on the ship, assignment of the insurance proceeds of the ship in the event of loss, and the assignment the earnings of the ship.  I.  WHAT IS SHIP MORTGAGE ? Put simply, A legal mortgage is...