hich the mortgagor has reserved, even though they are for the
current voyage. Furthermore, his interest may be attached by his
creditors. The discharge and foreclosure of mortgages on vessels are
governed for the most part by the rules that apply to chattel
mortgages. A mortgage on a vessel should be recorded, and many of the
rules and usages that apply to the recording of deeds apply also to
such mortgages.

A contract may be made for a loan of money on the bottom of a vessel
at a rate much greater than the usual rate of interest. Such a loan is
sanctioned to enable the master to obtain money for supplies or
repairs at some foreign port where they could not be otherwise
obtained. The loan is on the security of the vessel and if she never
arrives, the lender loses his money. If she does arrive at the port of
her destination, the borrower personally, as well as the vessel, is
liable for the repayment of the loan with the agreed interest thereon.
This maritime loan is highly regarded in legal tribunals, and is
liberally construed by them to carry into effect the intention of the
parties.

Such a loan or bond can be given by the master of the vessel only in
case of necessity and great distress in a foreign port, where the
owner is not present and has no representative with funds, and where
the master has no other means of getting money. The master has a large
discretion. "The necessity must be such as would induce a prudent
owner to provide funds for the cost of them on the security of the
ship, and that if the master did not take the money the voyage would
be defeated or at least retarded." The general purpose of the loan is
to effectuate the objects of the voyage and the safety of the ship.

The appointment and employment of a master is wholly within the
discretion of the owners. On his death or removal in a foreign port a
successor may be appointed by the consul resident there of the country
to which the vessel belongs, or by an agent of the owners, or by the
consignees of the cargo who have advanced money for repairing the
vessel. The registry acts of the United States require the putting of
the master's name in the register, but if this is not done his
authority is not impaired; and the one to whom the navigation and
control of a vessel is entrusted is considered her master, although
the name of another appears on the register. His contract may contain
any stipulation to which the parties may agree. The right of a