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Simple English definitions for legal terms
exercitor
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A quick definition of exercitor:
An exercitor is a person who temporarily owns a ship and receives its profits. This person can be the owner, charterer, or mortgagee of the ship. The shipmaster is given trust, known as exercitorial power, to manage the ship. Exercitor is also known as exercitor maris or exercitor navis. In history, an exercituale was a type of heriot paid only in military equipment.
A more thorough explanation:
Definition: Exercitor (eg-z-si-tor) is a legal term used in civil law to refer to the person who temporarily owns a ship and receives its profits. This person can be the owner, charterer, or mortgagee of the ship. It is also known as exercitor maris or exercitor navis. This term is similar to the concept of a ship's husband.
Examples:
- John is the owner of a ship and has leased it to a shipping company for a year. During this time, the shipping company is the exercitor of the ship and receives its profits.
- When a bank lends money to a shipping company to buy a ship, the bank becomes the mortgagee and exercitor of the ship until the loan is repaid.
These examples illustrate how the term exercitor is used to refer to the person who temporarily owns a ship and receives its profits. It can be the owner, charterer, or mortgagee of the ship. The term is important in civil law as it determines who is responsible for the ship and its operations during the period of ownership.