Section 54
Transmission of interest in mortgage in certain circumstances.
The Merchant Shipping Act, 1958
About this Act
An Act to foster the development and ensure the efficient maintenance of an Indian mercantile marine in a manner best suited to serve the national interests and for that purpose to establish a National Shipping Board to provide for the registration, certification, safety and security of Indian ships and generally to amend and consolidate the law relating to merchant shipping.
(1) Where the interest of
a mortgagee in a ship or share is transmitted on death, or insolvency, or by any lawful means other
than by a transfer under this Act, 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
Act required in case of a corresponding transmission of the ownership of a ship or share.
(2) The registrar, on receipt of the declaration and the production of the evidence aforesaid, shall enter the name of the person entitled under the transmission in the register book as mortgagee of the ship or share.
(2) The registrar, on receipt of the declaration and the production of the evidence aforesaid, shall enter the name of the person entitled under the transmission in the register book as mortgagee of the ship or share.