MS Act 26Chapter III · Registration of Vessels
Section 26 · Mortgage of vessel or share
Text size — level 1 of 4
(1) The mortgage of an Indian vessel shall be in the prescribed
form and on the production of such instrument, the Registrar of Indian vessel’s port of registry shall
record it in the register book in such manner as may be prescribed.
(2) Mortgages shall be recorded by the Registrar in the order of time in which they are produced to him for that purpose, and the Registrar shall, by memorandum under his hand, notify on each mortgage that it has been recorded by him stating the day and hour of that record.
(3) Except in so far as may be necessary for making a mortgaged vessel or share available as a security for the mortgage debt, the mortgagee shall not, by reason of his mortgage, be deemed to be the owner of the vessel or share, nor shall the mortgagor be deemed to have ceased to be owner thereof.
(4) Where a registered mortgage is discharged, the Registrar shall, on the production of such documents as may be prescribed, make an entry in the register book to the effect that the mortgage has been discharged, and on that entry being made, the estate, if any, which passed to the mortgagee shall vest in the person in whom (having regard to intervening acts and circumstances, if any) it would have vested, if the mortgage had not been made.
(5) If there are more than one recorded mortgage in respect of the same vessel or share, the mortgagees shall, notwithstanding any express, implied or constructive notice, have priority according to the date and time on which each mortgage is recorded in the register book and not according to the date of each mortgage itself.
(2) Mortgages shall be recorded by the Registrar in the order of time in which they are produced to him for that purpose, and the Registrar shall, by memorandum under his hand, notify on each mortgage that it has been recorded by him stating the day and hour of that record.
(3) Except in so far as may be necessary for making a mortgaged vessel or share available as a security for the mortgage debt, the mortgagee shall not, by reason of his mortgage, be deemed to be the owner of the vessel or share, nor shall the mortgagor be deemed to have ceased to be owner thereof.
(4) Where a registered mortgage is discharged, the Registrar shall, on the production of such documents as may be prescribed, make an entry in the register book to the effect that the mortgage has been discharged, and on that entry being made, the estate, if any, which passed to the mortgagee shall vest in the person in whom (having regard to intervening acts and circumstances, if any) it would have vested, if the mortgage had not been made.
(5) If there are more than one recorded mortgage in respect of the same vessel or share, the mortgagees shall, notwithstanding any express, implied or constructive notice, have priority according to the date and time on which each mortgage is recorded in the register book and not according to the date of each mortgage itself.
Your private note on this section
Only you can see this note.