SCHEDULES
SCHEDULE 1 Private Law Provisions for registered ships
Protection of registered mortgagees
10
Where a ship or share is subject to a registered mortgage then—
a
except so far as may be necessary for making the ship or share available as a security for the mortgage debt, the mortgagee shall not by reason of the mortgage be treated as owner of the ship or share; and
b
the mortgagor shall be treated as not having ceased to be owner of the ship or share.