Section 77Part 4 — PROPRIETARY INTERESTS IN REGISTERED SHIPS
Protection of undischarged mortgage
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Where the registration of a ship terminates by virtue of this Act, that termination shall not affect any entry in the register of any undischarged registered mortgage of that ship or any share in the ship.
Subsection (1) does not apply to an entry in the register in a case where the Registrar of Shipping is satisfied that a person appearing on the register to be interested as a mortgagee under the mortgage in question has consented to the entry ceasing to have effect.