e voyage and take security
for the safe return of the vessel are not entitled to share in the
profits, nor are they liable for the expenses.

A part owner may bind the others for necessary supplies and repairs
required that are procured on credit, unless his general authority to
do this has been restricted. The ship's husband or managing owner has
authority to do whatever is necessary for the prosecution of the
voyage and earning the freight money. For such purposes he is the
agent of the owners and can bind them by his contracts, unless his
authority is revoked or modified.

Any owner can sell his interest whenever he pleases, and all of them
may authorize the sale of the entire vessel. A writing is required to
pass the title, but as between the parties an oral sale and delivery
will suffice, at common law. In many cases a bill of sale is required
by statute. The writing should describe what things are transferred,
but general terms such as appurtenances and necessaries have a fixed
meaning which are understood. Intention is the guide to determine what
passes in such a sale, as in cases of fixtures already considered.

When the bill of sale is executed the purchaser becomes entitled to
all the benefits of ownership, and incurs all the liabilities. If the
sale is unconditional, the purchaser is liable for supplies though he
may never have taken possession of the vessel, and neither the master
nor the merchant furnishing the supplies knew of the sale. The
purchaser is not liable for repairs made and supplies furnished before
the sale, unless he has agreed to pay for them, or the vessel was at
sea at the time. If she was, the purchaser takes her subject to all
encumbrances on her, and to all lawful contracts made by the master
before learning of the purchase.

A vessel may be mortgaged, and the federal statutes state how this
shall be done. A shipbuilder may make a contract whereby he mortgages
the vessel to be built in advance of its construction, and a lien
attaches as it comes into existence. Such a mortgage is postponed or
comes after a maritime lien, that will soon be explained, but comes
before the debts of general creditors.

The mortgagor, so long as he retains possession, has all the rights of
ownership, and all contracts made by him are valid which do not impair
the security of the mortgage. When the mortgagee takes possession of
the vessel he is entitled to all the earnings that accrue, but not to
those w