Merchant Shipping (Registration of Ships) Act 2014
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Mortgages of registered ships | ||
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54. (1) An owner may provide his or her registered ship or a share in that ship as security for a loan or other consideration. | ||
(2) The instrument creating such security under subsection (1) (referred to in this Act as a “mortgage”) shall be in an approved form. | ||
(3) Where a mortgage executed in accordance with subsection (2) is produced to the Minister, the mortgage shall be registered in accordance with relevant directions of the Minister to registrars of ships issued under section 17 . | ||
(4) Mortgages shall be registered on the Register in the order in which they are produced to the Minister for the purposes of registration. |