Rights of mortgagee

Infrastructure2025327 sections

Part III REGISTRATION OF VESSELS

Statutory text

(1) Where there is only one registered mortgagee of a vessel or share, he shall be entitled to recover the amount due under the mortgage by selling the mortgaged vessel or share without approaching the High Court: Provided that nothing contained in this sub-section shall prevent the mortgagee from recovering the amount so due in the High Court as provided in sub-section (2).
(2) Where there are two or more registered mortgagees of a vessel or share, they shall be entitled to recover the amount due under the mortgage in the High Court, and when passing a decree or thereafter the High Court may direct that the mortgaged vessel or share be sold in execution of the decree.
(3) Every registered mortgagee of a vessel or share who intends to recover the amount due under the mortgage by selling the mortgaged vessel or share under sub-section (1) shall give a notice relating to such sale to the Registrar of Indian vessel's port of registry in such form as may be prescribed.
(4) The notice under sub-section (3) shall be accompanied with the proof of payment of the wages due to the seafarers in connection with their employment on that vessel.

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