1E9Ct5D

202C H A P T E R X Ior lake-bound activities or exploratory or natural resource exploration activities,including fixed platforms, except for port facilities.It is worth mentioning that, in the event of loss or serious deterioration of the vessel ornaval structure, the mortgagee can foreclose on the derelict property, that is, on the vesselsor naval structures that are unnavigable, the provisions and cargo, machinery, anchors, andthe remains of the vessels, as well as the merchandise thrown or fallen into the sea.The mortgage must be recorded in a document authorized before a certifying public officialeither in Mexico or abroad, which should be noted in the vessel’s registry and registeredin the National Public Maritime Registry in order to be enforceable against third parties.One important difference between a mortgage on maritime vessels and a civil mortgage isin the order of priority, since the lender of the maritime mortgage is subordinated to thecredits considered as maritime privileges, such as wages owed to the crew, repatriation costs,and contributions to the crew’s social security payments, debts payable by the vessel, etc.It is also important to point out that the statute of limitations to foreclose on a maritimemortgage terminates three years after the expiration of the secured loan.It is also possible to enter into mortgage agreements over aircrafts, which must containa description of the aircraft and equipment being mortgaged and indicate the nationalityand identification number, the name of the manufacturer, and the serial number. In theevent that a person who has a concession or right to provide air transportation servicesseeks to mortgage an aircraft, such person must request an authorization from the Ministryof Transportation and Communications (Secretaría de Comunicaciones y Transportes).All aircraft mortgages must be recorded in the craft’s registry and in the Mexican AeronauticalRegistry, which will be effective with respect to third parties beginning on thedate of such recordation. A copy of each recordation shall be sent to the Public Registryof Property.Tax obligations, debts derived from the salvaging of an aircraft, and debts stemmingfrom extraordinary expenses indispensable for the aircraft’s upkeep, have priority overmortgages.6. Trusts6.1. CharacteristicsThrough the trust agreement, the trustor transfers ownership or title over one or moregoods or rights to a fiduciary institution for the purpose of guaranteeing to the beneficiarycompliance with an obligation and priority in the payment thereof.The trust is a contract that involves three principal parties: a trustor, who generallyis also the debtor, who transfers the ownership of goods to a fiduciary institution, abank, or another authorized institution, so that if the trustor debtor or a third party fails