Article 209. Establishment of the mortgage of the vessel of the Merchant Shipping Act
1. The mortgage of a vessel is established in order to ensure the fulfillment of a monetary obligation by concluding an agreement between the owner of the vessel (the mortgagor) and the creditor (the mortgagee), which is subject to state registration in accordance with Articles 211 and 212 of this Law.
2. The mortgagor of a vessel may, with the consent of its owner, also be a person who has the right of economic management over it.
The Law of the Republic of Kazakhstan dated January 17, 2002 No. 284.
This Law defines the legal, organizational, economic and international foundations of public administration in the field of merchant shipping and regulates relations related to the transportation of passengers, baggage and cargo, ensuring safety in maritime transport and environmental protection.
President
Republic of Kazakhstan
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