ship mortgage
英[ʃip ˈmɔ:ɡidʒ]美[ʃɪp ˈmɔrɡɪdʒ]
In a ship mortgage, a shipowner gives a lender (or mortgagee) an interest in a ship as security for a loan. Similar to other types of mortgage, a ship mortgage legally consists of three parts: the mortgage loan, the mortgage document (deed) and the rights derived from the mortgage deed onto money lender.