ABSTRACT
Claims secured by mortgages, i.e. contractual rights of pledge as well as claims secured by liens are governed by the appropriate time-bar period in accordance with the Maritime Law or the Law of Obligations, whichever is applicable. The extinction of a claim which is secured by a mortgage (simple or preferred) causes the extinction of the mortgage. There is no special provision in the Code of Private Maritime Law for the extinction period relating to the security itself. The right of retention terminates with the delivery of the vessel to the person who ordered the work or with the provision of security in the amount stated by the Court for the claim in respect of which the right of retention was exercised. In general, the security is extinguished by the claim for the performance of which the security was provided becoming time-barred. A pledge in this context means a security established by agreement between the parties.
