SCHEDULES
C1SCHEDULE 1 Private Law Provisions for Registered Ships
Annotations:
Modifications etc. (not altering text)
Mortgages of registered ships
7
1
A registered ship, or share in a registered ship, 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 the following provisions of this Schedule as a “mortgage”) shall be in the form prescribed by or approved under registration regulations.
3
Where a mortgage executed in accordance with sub-paragraph (2) above is produced to the registrar, he shall register the mortgage in the prescribed manner.
4
Mortgages shall be registered in the order in which they are produced to the registrar for the purposes of registration.
Sch. 1 restricted (21.3.1994) by S.I. 1993/3138, reg.91.