رهن السفينة في طور البناء

Abstract EN

Some ships cost huge amounts to be constructed which mostly cannot be afforded by of ships' owners.

The mortgage is the way through which these amounts can be obtained.

Despite the fact that the possessory mortgage is the way for achieving that under the Iraqi legislation as ships is considered as movables, this does not achieve the goal prescribed for mortgage of ships, because it transfers the possession of the ship from its owner to the mortgagee which in turn deprive the owner of utilizing his ship, ships are subject to a registration system similar to the real estate registration system, and therefore most of the legislations allowed the official mortgage of ships as an exception to the general rules, and there are some laws that came with an exception to this exception, through allowing the ship to be mortgaged officially in the construction phase where it did not acquire the status of the ship unless it was registered in the ship registry to be an exception to the exception to the provisions of the official mortgage.

This is because it was not registered and thus acquired a ship status