Section 43Rights of mortgagee

s. 43

43. Rights of mortgagee (1) A mortgagee under a registered mortgage shall be entitled to recover the amount due under the mortgage by appropriate proceeding in the High Court Division, and when passing a decree, or thereafter, the High Court Division may direct that the mortgaged ship or share be sold in execution of the decree. (2) Subject to the provisions of sub-section (1), no mortgagee shall merely by virtue of the mortgage, be entitled to sell or otherwise dispose of the mortgaged ship or share.