Transfer of registered mortgage

(1) A registered mortgage over a vessel may be transferred to any person and, on production of the instrument of Transfer of Mortgage in the form prescribed in Appendix 5 hereof, the Deputy Registrar at IMMARBE’s Head Office shall record it by entering in the register the name of the transferee as mortgagee of the vessel, and shall enter and sign on the instrument of transfer a statement to the effect that it has been registered by him, stating the date and time of the registration. (2) Where the mortgage interest in a ship is transmitted to any person by any lawful means, other than by a transfer under subsection (1) of this section, that person shall produce to the Deputy Registrar at IMMARBE’s Head Office a statement of the manner in which and to whom the property has been transmitted, and shall be accompanied by the like evidence as is by this Act required in case of a corresponding transmission of the ownership of a vessel. (3) The Deputy Registrar at IMMARBE’s Head Office, on the receipt of the documents, and the production of the evidence referred to in subsection (2) of this section, shall enter the name of the person entitled under the transmission in the register as mortgagee of the ship.