| UPDATED: 5/7/05 |
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Glossary of TermsAbstract of title: provided evidence of any mortgage and liens against a vessel.Bill of sale: Used to transfer ownership between two parties. A buyer who is documenting a boat, must a have a bill of sale as proof of ownership. Coastwise Trade: the carrying of cargo or people between U.S ports Certificate of Documentation (COD): Issued by the U.S. Coast Guard as proof of Documentation. Also serves as proof of U.S. Registry. Preferred mortgage: a method for recording mortgages and liens with the U.S. Coast Guard. Satisfaction of mortgage: used to demonstrate that the lender has been paid and is releasing their claim to the property. A satisfaction in required in order to remove a vessel from documentation. |
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