Section 46Transmission of interest in mortgage in certain circumstances

s. 46

46. Transmission of interest in mortgage in certain circumstances Where the interest of a mortgagee in a ship or share is transmitted on death, or insolvency, or by any lawful means other than by a transfer under this Ordinance, the transmission shall be authenticated by a Declaration of Transmission in the prescribed form, and the provisions of section 37 shall, so far as may be, apply to such transmission.