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What is Vessel Mortgages and Real Property Law about?

The Supreme Court case PRC, Inc. v. Jarque ruled that mortgages on vessels were invalid due to non-compliance with the Chattel Mortgage Law, particularly regarding the affidavit of good faith and timely registration. It was determined that a building, while real property, cannot be treated as personal property against third parties, even if parties agree to such treatment. The case emphasized the importance of registering property in the correct registry, as only the Real Property Registry has legal effect

Author

Paul Barrios

Language

EN