ABSTRACT - This instrument shows all bills of sale, mortgages, notices of claim of lien and ownership information for a specific vessel.
FIRST PREFERRED SHIPS MORTGAGE - A preferred mortgage is a mortgage that is a maritime lien on a specific vessel. This mortgage gets priority in the event of default on the promisory note. Also the Coast Guard is unable to change the vessel ownership, name or hailing port without the consent of the mortgagee. This is why many banks and lenders require eligible vessels to be documented and to have preferred mortgages recorded to protect their interest.
CERTIFICATE OF DOCUMENTATION - Issued by the Coast Guard this is a document that proves ownership of a specific vessel. Similar to a state title it shows vessel name, hailing port and the owners home and address, along with any endorsements or restrictions. The certificate is good for one year and renewed at no charge.