Section 42: Mortgagee to have power of sale.––Every registered mortgagee shall have power if — Pakistan Merchant Shipping Ordinance, 2001

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

Discuss this provision with AI

42. Mortgagee to have power of sale.––Every registered mortgagee shall have power if the mortgage money or any part of it is due or if there is any material breach of the security instrument by mortgagor to sell the ship or share in respect of which he is registered, and to give effectual receipts for the purchase money; but where there are more persons than one registered as mortgagees of the same ship or share, a subsequent mortgagee shall not, except under the order of a court of competent jurisdiction, sell the ship or share without the concurrence of every prior mortgagee.

Effective date: 2001-01-01

Related sections

Section 41: Mortgagees not treated as owner.––Except as far as may be necessary for making a Section 43: Mortgage not affected by bankruptcy.––A registered mortgage of a ship or share shall Section 40: Priority of mortgage.––If there are more mortgages than one registered in respect of Section 44: Transfer of mortgages.––A registered mortgage of a ship or share may be transferred to Section 39: Entry of discharge of mortgage.––Where a registered mortgage is discharged, the Section 45: Transmission of interest in mortgage by death, bankruptcy or marriage, etc

Version pakistan-merchant-shipping-ordinance-2001~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.