Here you will find a listing of all our publications. To view a publication, select it from the list below.
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Representative Mortgagees in Preferred Ship MortgagesMay 29, 2019 | Benedict's Maritime Bulletin, 2d Quarter 2019
The purported conveyance of title in a ship mortgage is an archaic fiction that should be abandoned. Even when the mortgage contains conveyance language, an agent may be a representative mortgagee for lenders.
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Enforcement of the US Gross Freight Tax May Be on the Horizon03/08/2014
Shipowners which are not subject to taxation in the US will have to provide a tax form to charterers in order to avoid a 30% withholding of hire or freight if a change recommended by a tax advisory group is implemented by the IRS. Provision of the form will enable the IRS to better enforce payment of the gross freight tax or the filing of returns claiming an exemption.
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The US Gross Freight Tax in a NutshellAugust 2013
The US gross freight tax is levied upon each non-US taxpayer that has income from the transportation of passengers or cargo by ship to or from the US. The effective rate of the tax is 2% of the gross revenue. The tax applies to the owner and all charterers. Most shipping companies are exempt from the tax under Section 883 which is based on an equivalent reciprocal exemption by the shipping company’s tax jurisdiction. In some cases, a treaty exemption is available, but eligibility under treaties is more restrictive. Under both methods, the benefit of the exemption is available only if the ultimate shareholders of the shipping company sign ownership statements and the company files a US tax return.
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Author of VesselDocs Online's Contracts and FormsFebruary 15, 2013 - News
VesselDocs Online is a web-based system for the automated production of contracts and other forms in which an interactive interview is used to generate documents. The MOA Maker, avaliable at VesselDocs Online, is a system for production of a Memorandum of Agreement (Sale and Purchase Contract) for ships based on the NSF Saleform 2012 with options to add many commonly added clauses. The MOA Maker also generates a complete set of closing documents and related contracts, including froms of a Deposit Escrow Agreement, an Addendum, a Novation Agreement, a Letter of Credit with drawdown documents and an Escrow Agreement for Sellers' Delivery Documents.
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New Office AddressFebruary 12, 2013 - News
We have moved to 1879 Palmer Avenue, 2d Floor in Larchmont, NY 10538. All other contact detalis remain unchanged.
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Issues with the Saleform’s Payment and Closing Provisions and a Proposed SolutionAugust 2012
An arbitration decision in London illustrates a major shortcoming in the Saleform’s provisions for payment and closing procedures. The Saleform requires that payment and delivery be simultaneous. Under most payment methods in use today, these events are not simultaneous. Parties may unwittingly breach their MOA by nominating banks and payment methods that are not sufficiently “simultaneous.” Changes to the Saleform are proposed to cure this problem. Comments on the proposal are welcome.
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AccoladesApril 23, 2012
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Basic Facts on FATCA and Maritime ContractsApril 2012
A controversial new US withholding tax known as FACTA (the Foreign Account Tax Compliance Act) is of interest both because it may be a potential trap for those engaged in international maritime transactions and also because it may result in agreements among countries to share data about their citizens’ foreign accounts.
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Ship Mortgages in favor of “Owners” – an UpdateJune 2011 | By Glen T. Oxton
In the M.V. OSPREY, the court upheld a ship mortgage in favor of an equity holder in the LLC owning the vessel.
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Digital Signatures RevisitedJune 2010
Using digital signatures on electronic documents would provide significant efficiencies in business transactions. It would also provide superior protection against inadvertent or deliberate alterations especially when compared to the common practice of circulating signature pages.
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Ship Mortgages in Favor of OwnersJune 2010
The hornbook rule that an owner may not have a maritime lien on his own vessel does not apply to a ship mortgage lien. Ship mortgages create statutory liens enforceable in admiralty, but they are not maritime liens.
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Ship Registry, Mortgages and Liens in Electronic FormSeptember 2005
The potential benefits of a digital ship registry, how one might work, and some of the obstacles to going digital are reviewed in this note.
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The New Lender - Lessor Safe Harbor under OPA 90 - Five Things You Need to KnowJune 2005
OPA 90 was amended in 2004 to provide a safe harbor for lessors and lenders from strict liability for oil pollution. Under certain circumstances a lessor or lender will not be considered an "owner or operator" even if it holds legal title to the vessel or is operating it in foreclosure.
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The New U.S. Tonnage Tax (2005)March 2005
The American Jobs Creation Act of 2004 created a tonnage tax election for certain operators of U.S. Flag vessels.
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Case Note, LADY B.October 2003 | New York Law Journal
The Owner of a U.S. flag yacht lost his vessel to a judgment creditor of the seller as a result of failing promptly to record his bill of sale. The outcome depended on whether maritime or land law was applicable to the yacht
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Case Note, MV SAIBOS – When Does a Newbuilding Become a “Vessel?”February 2002
Contracts for the construction of a ship are not maritime contracts, and until a newbuilding is launched and completed it is not subject to maritime law.
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Case Note, M.V. MR. DEAN - Lien Priority IssueOctober 2002
The priority of a lien for breach of charter relates back to the charter commencement date, and will be senior to a mortgage that is recorded after the charter commences.