MERCHANT SHIPPING ACT 1894 - SECT 43 Rules as to certificates of mortgage.

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MERCHANT SHIPPING ACT 1894 - SECT 43

Rules as to certificates of mortgage.

43. The following rules shall be observed as to certificates of mortgage:

(1)The power shall be exercised in conformity with the directions contained in
the certificate:

(2)Every mortgage made thereunder shall be registered by the endorsement of a
record thereof on the certificate by a registrar or British consular officer:

(3)A mortgage made in good faith thereunder shall not be impeached by reason
of the person by whom the power was given dying before the making of the
mortgage:

(4)Whenever the certificate contains a specification of the place at which,
and a limit of time not exceeding twelve months within which, the power is to
be exercised, a mortgage made in good faith to a mortgagee without notice
shall not be impeached by reason of the bankruptcy of the person by whom the
power was given:

(5)Every mortgage which is so registered as aforesaid on the certificate shall
have priority over all mortgages of the same ship or share created
subsequently to the date of the entry of the certificate in the register book;
and, if there are more mortgages than one so registered, the respective
mortgagees claiming thereunder shall, notwithstanding any express, implied, or
constructive notice, be entitled one before the other according to the date at
which each mortgage is registered on the certificate, and not according to the
date of the mortgage:

(6)Subject to the foregoing rules, every mortgagee whose mortgage is
registered on the certificate shall have the same rights and powers and be
subject to the same liabilities as he would have had and been subject to if
his mortagage had been registered in the register book instead of on the
certificate:

(7)The discharge of any mortgage so registered on the certificate may be
endorsed on the certificate by any registrar or British consular officer, on
the production of such evidence as is by this Act required to be produced to
the registrar on the entry of the discharge of a mortgage in the register
book; and on that endorsement being made, the interest, if any, which passed
to the mortgagee shall vest in the same person or persons in whom it would
(having regard to intervening acts and circumstances, if any,) have vested, if
the mortgage had not been made:

(8)On the delivery of any certificate of mortgage to the registrar by whom it
was granted he shall, after recording in the register book, in such manner as
to preserve its priority, any unsatisfied mortgage registered thereon, cancel
the certificate, and enter the fact of the cancellation in the register book;
and every certificate so cancelled shall be void to all intents.

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Northern Irish Legislation

MERCHANT SHIPPING ACT 1894 - SECT 43