This official record gives the names of the legal owners, lists any registered mortgages and/or liens, describes any easements, and provides many other important details.
It gives rights against a vessel that survive the sale of the ship and that enjoy priority ahead of registered mortgages, even though the lien is not registered.
If parents really must help their adult children, the safest option is to provide them a personal loan proven in writing and backed by a second registered mortgage.
