Section 52Part 2 — REGISTRATION OF SHIPS
Trusts, equitable interests and liabilities of beneficial interests
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52. (1) Subject to subsection (2), no trust, express, implied or constructive, shall be registered by the Registrar of Shipping.
Where, on the bankruptcy of a registered owner or mortgagee, the title of a registered owner or mortgagee is transmitted to the registered owner’s or Section 53 Merchant Shipping Act, 2024 Page 52 Act 1 of 2024 c mortgagee’s trustee in bankruptcy, that person may be registered as the owner or mortgagee of a Cayman Islands ship or a share in the ship, provided the ship remains entitled to be registered as a Cayman Islands ship under section 5.
In this Part, the expression “beneficial interest” includes interests arising under contract and other equitable interests, and without prejudice to —
the provisions of this Act for preventing trusts being entered in the register or received by the Registrar of Shipping;
the powers of disposition and of giving receipts conferred by this Act on registered owners and mortgagees; and
the provisions of this Act relating to the exclusion of unqualified persons from the ownership of Cayman Islands ships, interests arising under contract or other equitable interests may be enforced by or against owners and mortgagees of ships in respect of their interest in the ship in the same manner as in respect of any other personal property.
Where a person is beneficially interested, otherwise than by way of mortgage, in a ship or share in a ship registered in the name of another person as owner, the person so interested shall, as well as the registered owner, be subject to all pecuniary penalties imposed by this or any other law on the owners of ships or shares therein; and proceedings may be taken for the enforcement of any such penalties against both or either of the parties, with or without joining the other of them.
Defined Terms
trustsequitable interestsbeneficial interests