Services for Banks and Leasing Companies

Boat finance and leasing require the vessel's legal position to be clear and properly recorded in the registers. Agenzia Magnum assists banks and leasing companies with all the paperwork for financed vessels, working with the institution's in-house teams and trusted advisers.

Vessels under finance lease

Leased pleasure craft are registered in the name of the lessor, with the lessee's name and the contract expiry date recorded in the ATCN (Archivio telematico centrale delle unità da diporto, the Italian central electronic register of pleasure craft) and on the navigation licence. The lessee, holding a power of attorney, may file applications in the name and on behalf of the owner. We take care of:

• first registration of the vessel and recording of the lease agreement;
• operator's declaration and recording of any commercial use of the vessel;
• transfer of ownership to the lessee on buyout, with recording of the transfer and removal of the lease entry;
• removal of the lease entry if the contract is terminated.

Security and document checks

• preliminary checks on the vessel to be financed: ownership, recorded deeds, mortgages and other encumbrances, technical compliance and ship's papers;
• help with the formalities for registering and discharging a mortgage on the vessel, in coordination with the institution's notary or lawyer;
• for vessels from abroad, checking deregistration from the original register and the customs position.

Loss of possession and recovery

The Italian Pleasure Boating Code (Codice della nautica da diporto) provides for recording loss of possession of the vessel in the event of theft or another property offence, orders by the authorities or the end of the lease agreement's effects, and for recording its later recovery. We handle these procedures on behalf of the institution, including with a view to remarketing the vessel.

Contact us using the form at the bottom of the page to set up a dedicated service for your marine portfolio.

Share these services Services for Banks and Leasing Companies