(1) To secure their amounts receivable under the time charter contract, the owner has a lien on the property on board the ship, including the fuel, insofar as such property is owned by the time charterer. The provisions governing the acquisition of ownership in good faith under sections 932, 934 and 935 of the Civil Code (Bürgerliches Gesetzbuch, BGB) are not to be applied.
(2) To further secure their amounts receivable under the time charter contract, the owner also has a lien on the time charterer’s amounts receivable under the freight and sub-time charter contracts which the latter has concluded and intends to fulfil using the ship. Once the debtor of an amount receivable owed to the time charterer becomes aware of the owner’s lien, the debtor may make payment only to the owner. However, the debtor will be entitled to deposit the amount in question until such time as the charterer notifies it of the lien.
(3) Notwithstanding the provisions under subsections (1) and (2), the owner has no lien to secure any future claims to compensation, nor does the owner have any lien to secure any hire receivable but not yet due for payment.