LAWIN Vilnius lectures on mortgage and pledge reform and its effect on shipping industry

On 3 March, 2011 LAWIN Vilnius partners Vilija Vaitkutė Pavan, Giedrius Stasevičus and junior associate Lina Jonikaitė will give lecture to the Lithuanian Ship-owners’ Association on the reform of mortgage and pledge which is being implemented in Lithuanian legislation.

New legislation will simplify the procedure of mortgage as well as facilitate receipt of all information related to a mortgaged ship. The major amendments will set out that the mortgages of vessels are registered directly by notary public by the time the purchase agreement is concluded and will be valid for the parties from the moment the purchase agreement comes into force. Furthermore, it will make possible the mortgage of the vessels which will enter into force at the same time the title to the vessel is registered with the Lithuanian Register of Seagoing Ships.

These developments will encourage the shipping business in Lithuania and will assure convenient purchase and registration of seagoing vessels under Lithuanian flag for major international shipping banks and other investors