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Merchant Shipping Act 1988 (repealed)
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Changes over time for: Paragraph 4
No longer has effect: 21/03/1994
Alternative versions:
- Prospective- Amendment
- Stop date 21/03/1994- Amendment
- 18/03/1991
Point in time
Status:
Point in time view as at 18/03/1991. This version of this provision never came into effect.
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There are currently no known outstanding effects for the Merchant Shipping Act 1988 (repealed), Paragraph 4.
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Prospective
4(1)Where any person who is an intending mortgagee under a proposed mortgage of—
(a)a registered vessel, or
(b)a share in a registered vessel,
notifies the Secretary of State in writing of the interest which it is intended that he should have under the proposed mortgage, the Secretary of State shall cause that interest to be recorded in the register.
(2)Where any person who is an intending mortgagee under a proposed mortgage of—
(a)a fishing vessel which is not for the time being a registered vessel, or
(b)a share in any such vessel,
notifies the Secretary of State in writing of the interest which it is intended that he should have under the proposed mortgage and furnishes him with such particulars of that vessel as may be prescribed, the Secretary of State—
(i)shall cause that interest to be recorded in the register, and
(ii)if the vessel is subsequently registered (otherwise than in pursuance of paragraph 2(c) of Schedule 2), shall cause the vessel to be registered subject to that interest or, if the mortgage has by then been executed in accordance with paragraph 2(2) and produced to the Secretary of State, subject to that mortgage.
(3)In a case where—
(a)paragraph 3 operates to determine the priority between two or moremortgagees, and
(b)any of those mortgagees gave a notification under sub-paragraph (1) or (2) above with respect to his mortgage,
paragraph 3 shall have effect in relation to that mortgage as if it had been registered at the time when the relevant entry was made in the register under sub-paragraph (1) or (2) above.
(4)Any notification given by a person under sub-paragraph (1) or (2) (and anything done as a result of it) shall cease to have effect—
(a)if the notification is withdrawn, or
(b)at the end of the period of 30 days beginning with the date of the notification, unless the notification is renewed in accordance with sub-paragraph (5).
(5)The person by whom any such notification is given may renew or further renew the notification, on each occasion for a period of 30 days, by notice in writing given to the Secretary of State—
(a)before the end of the period mentioned in sub-paragraph (4)(b), or
(b)before the end of the current period of renewal,
as the case may be.
(6)Any notification or notice purporting to be given under this paragraph (and anything done as a result of it) shall not have any effect if the Secretary of State determines that it was not validly given.
Modifications etc. (not altering text)
C1Sch. 3 paras. 3, 4 excluded by S.I. 1988/1926, reg. 43
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