Cg 5542 Form 2020-2024

Cg 5542 Form: What You Should Know

MORTGAGE FINANCES FOR FLEET VESSELS NOTE: This application is for a floating or anchored vessel. The following types of mortgages may be filed: Mortgage on a Floating — Required if the vessel is owned (not operated) by the Department of Defense or other U.S. Government agency. Required if the vessel is owned (not operated) by a foreign government, national, or corporation, to a U.S. Government agency. A mortgage is required if any of the following apply: 1. The debt in the mortgage is secured by the entire income produced within 10 years of the filing date of the mortgage. 2. The debt in the mortgage is secured by a deed of trust, pledge, or other similar interest in real estate or real collectibles. 3. The debt in the mortgage is secured by an interest in the ship itself, its equipment, or its stores of supplies and tools. Mortgage on an Anchored Vessel — Required if the debt in the mortgage is secured by a lien on the vessel itself, its equipment, or its stores of supplies and tools. Optional if the debt in the mortgage is secured by a lien on the property of another borrower (such as an investor) or a lien on the sale of vessels with an original maximum rated capacity of more than 15,000 gross tons. No debt incurred by the buyer may be secured by a lien on the property of another borrower. Mortgage on a Port or Harbor Facility — Required if the debt in the mortgage is secured by a lien on any property in the State of Texas. Mortgage on a U.S. Coast Guard Ship — Required if the debt in the mortgage is secured by an interest in the ship itself, its equipment, or its stores of supplies and tools. Mortgage on a Navy Ship — Required if the debt in the mortgage is secured by a lien on the property of a naval or military installation in the State of Texas.

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