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Simple English definitions for legal terms
mariner's hypothec
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A quick definition of mariner's hypothec:
Mariner's hypothec is a type of mortgage given to a creditor on a ship to secure a debt. It allows a seaman, freighter, or repairer to assert a lien against the ship for payment of wages or other sums due. Additionally, it can also be used by a shipowner to assert a lien against the ship's cargo for the freight costs. It is a legal way to ensure that debts are paid and is an important part of maritime law.
A more thorough explanation:
Mariner's hypothec is a type of mortgage given to a creditor on a ship to secure a debt. It is also a lien that a seaman, freighter, or repairer can assert against a ship for payment of wages or other sums due. Additionally, it can be a shipowner's lien against the ship's cargo for the freight costs.
For example, if a seaman is not paid their wages, they can assert a mariner's hypothec against the ship they worked on to secure payment. Similarly, if a shipowner is not paid the freight costs for transporting cargo, they can assert a mariner's hypothec against the cargo.
Overall, mariner's hypothec is a legal mechanism that provides security for debts related to ships and their operations.