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In a charter party of the second kind, not only the entire capacity of
the ship is let but the ship itself, and the possession is passed to the
charterer. The entire control and management of it is given up to him.
The general owner loses his lien for freight, but the lien itself is not
destroyed, the charterer is substituted in his place, in whose favor
the lien continues to exist when goods are taken on freight. The
general owner, however, has no remedy for the charter of his vessel
but his personal action on the covenants of the charter party. It is a
contract in which he trusts in the personal credit of the charterer.