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Simple English definitions for legal terms

maritime interest

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A quick definition of maritime interest:

Maritime interest refers to the interest charged on a loan that is secured by a ship or its cargo. This means that if the borrower is unable to repay the loan, the lender can take possession of the ship or its cargo to recover their money. Because this type of loan is considered risky, the interest rate charged can be very high.

A more thorough explanation:

MARITIME INTEREST

Maritime interest refers to the interest charged on a loan that is secured by a sea vessel or its cargo, or both. Due to the high risk involved in lending money for such purposes, the interest rate charged on such loans is usually very high.

For instance, if a shipping company takes a loan to purchase a cargo ship, the lender may charge maritime interest on the loan. Similarly, if a company borrows money to transport goods via sea, the lender may charge maritime interest on the loan.

Another example could be a fisherman who takes a loan to buy a new boat. The lender may charge maritime interest on the loan as the boat is used for fishing in the sea, which is considered a high-risk activity.

The examples illustrate how maritime interest is charged on loans that are secured by sea vessels or their cargo. The lenders charge high-interest rates due to the high risk involved in lending money for such purposes. The borrowers, in turn, have to pay a higher amount of interest on the loan as compared to other types of loans.

maritime flavor | maritime jurisdiction

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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