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NEW AMENDMENT TO PANAMA MARITIME PROCEDURE LAW | 21-3-2013
 
Pursuant to Law 16 of March 21 of 2013, the National Assembly of Panama has amended Article 103 of the Maritime Procedure Law with the purpose of accepting as guarantees on ship arrests bonds issued by Insurance Companies in Panama. 
 
In this sense, the article is modified as follows:
  
Article 103.  Whenever this Law requires that a party give bonds, the guarantee shall consist of:
 
1. Money in cash, deposited by the interested party in Banco Nacional de Panama and further obtaining a Certification of judicial deposit.  The amounts of money deposited to attain a certification of judicial deposit shall produce interests at the commercial rates of market, payable at return of the deposited amount.
 
2. Letters of Credit, Certified or cashier's check drawn against banks with license to operate in the Republic of Panama.
 
3. Government Bonds issued by companies authorized for such transactions in the Republic of Panama.  Whenever the guarantee is substituted by government bonds, the interested party shall deposit it in Banco Nacional and obtain a certification of the judicial deposit evidencing the constitution of the guarantee that will be furnished to the court.  Also, bonds of government debts that are electronically deposited in a safekeeping center authorized by the Comisión Nacional de Valores (National Securities Commission).  In such case, the security bond shall be deposited in the safekeeping account of Banco Nacional de Panama and said shall issue the corresponding certification of deposit.
 
4.       Bonds issued by insurance companies with license to operate in the Republic of Panama.
 
5.      Any other guarantees agreed to by the parties.
 
In the event that the Banco Nacional is closed, the security may be deposited in cash, certified check or cashier's check with the Court which shall make the corresponding deposit  in said bank as soon as the bank can receive it;  and shall obtain the Certificate of Guarantee which shall be added to the file.  The Secretary shall make a record of it in a written report.

 



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ELIMINATION OF SOME TECHNICAL REQUIREMENTS
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SHIP MORTGAGE REGISTRATION IN PANAMA
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