12.1 Introduction

12.1.1 This chapter addresses duties which 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.1 The duties which a receiver, as opposed to a mortgagee, owe to a mortgagor have been briefly touched upon in Chapter 11, both as regards substantial similarities and some differences.2 This chapter 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. Chapter 13 addresses duties and liabilities of a mortgagee to other third parties.