Prospective
Modifications etc. (not altering text)
C1Sch. 3 excluded by S.I. 1988/1926, reg. 77
2(1)Any registered vessel or share in a registered vessel may be made a security for the repayment of a loan or the discharge of any other obligation.
(2)The instrument creating any such security (referred to in this Schedule as a mortgage) shall be in such form as is prescribed or approved by the Secretary of State.
(3)Where a mortgage executed in accordance with sub-paragraph (2) is produced to the Secretary of State, he shall—
(a)register the mortgage by causing it to be recorded in the register, and
(b)endorse on it the fact that it has been recorded, together with the date and time when it was recorded.
(4)Mortgages shall be registered under sub-paragraph (3) in the order in which they are produced to the Secretary of State for the purposes of registration.