Paragraph 9

United Kingdom

(1)

Subject to sub-paragraph (2) below, every registered mortgagee shall have power, if the mortgage money or any part of it is due, to sell the ship or share in respect of which he is registered, and to give effectual receipts for the purchase money.

(2)

Where two or more mortgagees are registered in respect of the same ship or share, a subsequent mortgagee shall not, except under an order of a court of competent jurisdiction, sell the ship or share without the concurrence of every prior mortgagee.

Notes on the whole Act

Textual amendments

F1: Act repealed (1.1.1996) by 1995 c. 21, ss. 314(1), 316(2), Sch. 12 (with s. 312(1), Sch. 14 para. 1) as amended (1.6.2004) by Merchant Shipping (Confirmation of Legislation and Repeals) (Jersey) Order 2004 (S.I. 2004/1284), art. 3

Notes on Schedule 1

Modifications

C1: Sch. 1 restricted (21.3.1994) by S.I. 1993/3138, reg.91.