Section 76Part 4 — PROPRIETARY INTERESTS IN REGISTERED SHIPS
Entry of discharge of mortgage
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Where a registered mortgage is discharged, the Registrar of Shipping shall, on the production of the mortgage deed, with a receipt for the mortgage money endorsed on the deed, signed and attested, make an entry in the register to the effect that the mortgage has been discharged; and on that entry being made the estate, if any, which passed to the mortgagee shall vest in the person in whom, having regard to intervening acts and circumstances, if any, it would have vested if the mortgage had not been made.
If, for any reason accepted by the Registrar of Shipping, the registered mortgage cannot be produced to the Registrar of Shipping, the Registrar of Shipping may, on being satisfied that the mortgage has been properly discharged, record in the register that the mortgage has been discharged.