International Convention on Maritime Liens and Mortgages

The International Convention on Maritime Liens and Mortgages is a treaty that standardizes laws regarding financial claims against ships. It addresses how maritime liens—claims for debts like repairs or crew wages—and mortgages on vessels are treated across different countries. By establishing common rules, the convention helps protect the rights of creditors while ensuring that shipowners can secure financing. This legal framework promotes maritime trade by reducing uncertainty about financial obligations and enhancing confidence among parties involved in shipping and maritime commerce.