Naval mortgages and bank services
Naval mortgage contracts, granted inside or outside Panama, may be in any language and must be made by public deed or private document.
- If executed by private document, signatures must be authenticated by a notary public or by a Consul of Panama acting in notarial capacity.
- The Panamanian Naval Registry allows mortgages on ships under construction.
- To mortgage a vessel under construction, title ownership must be registered with the General Directorate of Public Registry of Vessel Property.
- The shipyard building certificate may be used for that purpose.
- The consular office may perform preliminary registration procedures to protect vessel owners and banking institutions.