Section 80Part 4 — PROPRIETARY INTERESTS IN REGISTERED SHIPS
Transfer of mortgages and transmission of mortgage interest by death, bankruptcy, etc.
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A registered mortgage of a ship or share in a ship may be transferred to any person, and on production of the instrument effecting the transfer the Registrar of Shipping shall —
record it by entering in the register the name of the transferee as mortgagee of the ship or share in the ship; and
shall enter and sign on the instrument of transfer a statement to the effect that it has been registered by the Registrar of Shipping, and the statement shall contain the date and time of the registration.
Where the mortgage interest in a ship or a share in the ship is transmitted to a person by any lawful means, other than by a transfer under subsection (1), that person shall produce to the Registrar of Shipping a statement of the manner in which and the person to whom the property has been transmitted and the statement shall be accompanied by similar evidence required by this Act as is required in case of a corresponding transmission of the ownership of a ship or a share in the ship.
The Registrar of Shipping, on the receipt of the documents and the production of the evidence referred to in subsection (2), shall enter the name of the person entitled under the transmission in the register as mortgagee of the ship or the share in the ship.