sharing ownership like house

[icepatrol]

hi all.
does anyone have experiance of how or what is the process of sharing a liveaboard boat "officially"
on land the title deeds can be put in both partners names.
what happens with boat ownership. ?
is there a legal and binding contract.
if both of you decide to seperate what is the legal standing on ownership of the boat ???

 

[Skyva_2]

You can have joint ownership of the boat on the Bill of Sale - you each own 32/64 of the boat.

see http://www.mcga.gov.uk/c4mca/msf4705.pdf

 

[DannyB]

No experience of boat sharing, but my bill of sale shows me as owning 64, 64ths of the boat. ie its mine. I could share it 50/50 with my wife and the bill of sale would show that I owned 32, 64ths, or I could share it with 63 other people and have 1/64 each. If the partnership split up then the interest in the boat would be in proportion to the ratio on the bill of sale. Only MHO of course, no legal knowledge inferred.

Must type faster!

 

[craigbalsillie]

apologies to the original poster.. but does anyone know why the boat is split into 64th's? I tried a Google and found a few sites saying queen Victoria started it by taxing boat owners 36% and leaving the owner with 64% of the boat.. another site attributed this to queen Elizabeth.. another site said it was cause a lot of boats were built with 64 ribs.. does anyone know the proper answer?

thanks

Craig

 

[Tranona]

Yes, when merchant adventurers built ships in the 16th century they raised money by selling shares to investors. Not sure why 64 shares was chosen, but ships were registered in 64ths with each investor shown on the papers with the number of shares owned. This was the equivalent of registering their interest so it could not be sold without the registrar knowing. Same principle is used today for beneficial ownership with a faclility to also register any mortgage secured on the boat.

 

[geoffcollins]

I'd be interested to know this too. I'd understood it to be historic, but have wondered why...

 

[cliffordpope]

I thought the usual explanation is that it derived from the widespread practice of dividing speculative ventures between two partners, who in turn might sub-divide to spread the risk.
So 1/2, 1/4, 1/8, 1/16, 1/32, 1/64.

 

[savageseadog]

The government has got shared ownership schemes but probably not for boats, unless you're an MP

 

[Marsupial]

I understand that is was to limit the complexity of ownership to a maximum of 64 official owners. Apparently there were often hundreds of them and insurers were having a hard time verifying ownership and apportioning claims.

 

[Mariner69]

To quote a source: "Principles of Maritime Law" by Susan Hodges & Christopher Hill 2001. ISBN 1-85978-998-6.


"Under English law, a ship is notionally divided into 64 shares or parts. No one has yet adequately traced the origins of this figure. It is of little importance and therefore needs no further comment." /forums/images/graemlins/smile.gif

By the way, it also says that each of the shares may be further split between up to 5 further owners giving a possible total of 320 interested parties. Would make for great board meetings NOT!!

 

[bbg]

Halving the interest several times sounds logical, and is what I have always assumed is the reason for 64 shares.

 

[craigbalsillie]

[ QUOTE ]
To quote a source: "Principles of Maritime Law" by Susan Hodges & Christopher Hill 2001. ISBN 1-85978-998-6.


"Under English law, a ship is notionally divided into 64 shares or parts. No one has yet adequately traced the origins of this figure. It is of little importance and therefore needs no further comment." /forums/images/graemlins/smile.gif

[/ QUOTE ]

thanks for that... thats a great answer.. /forums/images/graemlins/grin.gif

Apologies again to the original poster for hijacking the thread.. I hope you manage to get your alloted number of 64th's okay..

Craig