12.1 Introduction

12.1.1 This chapter addresses duties that the mortgagee of a ship owes to the mortgagor or ways the courts step in to protect the mortgagor, arising out of circumstances involving default and enforcement. It also addresses potential incidental liability or duties to other parties with an interest in the equity of redemption (such as subsequent mortgagees) and to sureties. The next chapter addresses duties and liabilities of a mortgagee to other third parties. There are features of ship mortgages that to some extent set them apart from other mortgages; see section 12.6 (Are ship mortgages different?). Nevertheless, in many fundamental respects the law relating to ship mortgages reflects the general position in relation to mortgages of chattels. As Roskill J pithily observed:1