Lien of Preferred Mortgage

A Preferred Mortgage duly registered in the Tanzania Zanzibar International Register of Shipping (TZIRS) shall, in accordance with applicable maritime law, constitute a recognised maritime lien upon the mortgaged vessel.

Such a mortgage creates a legally enforceable security interest attaching to the vessel and shall be afforded the status, priority, and protections prescribed under the governing statutory framework.

Upon proper registration, a Preferred Mortgage:

• Establishes a secured interest in the vessel in favour of the mortgagee
• Creates a maritime lien enforceable in accordance with applicable law
• Attaches to the vessel as a proprietary security interest
• Maintains its effect subject to statutory priority provisions

The mortgage lien remains effective unless and until the mortgage is lawfully discharged, satisfied, or otherwise released in the Register.

Registration of a Preferred Mortgage in the TZIRS Register:

• Confers official recognition of the mortgage interest
• Determines priority based on the order of registration
• Provides legal notice of the encumbrance affecting the vessel
• Supports transactional and financing certainty

Only mortgages duly recorded in the official Register are recognised as registered maritime security interests under the Zanzibar flag.

The maritime lien arising from a Preferred Mortgage shall remain attached to the vessel irrespective of changes in possession or ownership, except as otherwise provided under applicable law.

The lien of a Preferred Mortgage may be:

• Discharged upon registration of a valid release or satisfaction instrument
• Amended or varied through approved registry filings
• Assigned or transferred subject to Registry procedures

All such actions must be formally recorded in the TZIRS Register to take legal effect.

TZIRS records and maintains registered mortgage interests and associated registry entries.

The Registry does not provide legal advice concerning enforcement rights, priority disputes, or contractual obligations between parties. Stakeholders are advised to seek independent legal counsel where appropriate.