What is the requirement for a loan taken by a captain at the owners' residence?

The requirement for a loan taken by a captain at the owners' residence primarily affects only the captain's share unless other owners explicitly authorize it. In maritime law, the captain acts as an agent of the shipowners, and while they have significant authority to make decisions concerning the ship's operation, their financial commitments are typically considered personal unless the other owners have agreed to such arrangements. This means that if the captain takes out a loan, it does not automatically bind the other owners unless they have provided prior approval or consent.

This principle serves to protect the interests of the owners, ensuring that they are not held liable for debts incurred by the captain without their knowledge or agreement. Therefore, unless there is a formal agreement in place where the other owners consent to the loan, the responsibility for repayment remains with the captain alone, effectively limiting its impact to their share of ownership.