124
Article 124
Des Affrétemens, Nolissemens, Chartes-parties
Titre II:
Des Navires et autres Bâtimens de mer
(On Ships and Other Seagoing Vessels)
Chapitre VI:
Des Affrétemens, Nolissemens, Chartes-parties
(On Chartering, Freighting, and Charter Parties)
Le navire, ainsi qu'il se poursuit et comporte, le fret, sont affectés au payement des conventions des parties.
Life lesson:
The ship and its freight are the collateral for every deal made under the charter.
Notes:
Charter security: vessel (as-is) + freight secure all contractual obligations between parties. Real security interest backing commercial agreements.