Section 45: Transmission of interest in mortgage by death, bankruptcy or marriage, etc

45. Transmission of interest in mortgage by death, bankruptcy or marriage, etc.— (1) Where the interest of a mortgagee in a ship or share is transmitted on marriage, death, or bankruptcy, or by any lawful means, other than by a transfer under this Ordinance, the transmission shall be authenticated by a declaration of the person to whom the interest is transmitted, containing a statement of the manner in which and the person to whom the property has been transmitted, and shall be accompanied by the like evidence as is by this Ordinance required in case of a corresponding transmission of the ownership of a ship or share. (2) The registrar, on the receipt of the declaration and the production of the evidence, shall enter the name of the person entitled under the transmission in the register book as mortgagee of the ship or share.

Effective date: 2001-01-01

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