Section 45Transfer of mortgage

s. 45

45. Transfer of mortgage (1) [A registered mortgage] of a ship or share may be transferred to any person, and the instrument effecting the transfer shall be in the prescribed form, or in a form as near thereto as circumstances permit. (2) Every instrument transferring a registered mortgage shall be produced to the Registrar of the ship's port of registry for being recorded in the Register Book; and the Registrar shall record the transfer by entering in the Register Book the name of the transferee as mortgagee of the ship or share and shall under his hand endorse on the instrument of transfer that it has been recorded by him stating the day and hour thereof. (3) The transferee of a registered mortgage whose name is entered under sub section (2) as a mortgagee shall have the same right of preference as that of the transferor.