Maritime Claim Priorities under PPSA 2009

Abstract

Two thirds of the world is covered by water and the rest appears to be covered by mortgages and mortgage debentures. Some of these securities are maritime claims over goods and other forms of personal property in port and on the high seas. The purpose of this paper is to analyse the nature of maritime claims and suggest a hierarchy of priorities. There are three broad classes of maritime claims: mortgages or charges; maritime liens and statutory rights of action in rem.