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| Home > Public services > The Hong Kong Shipping Register > Users' Handbook | ||
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| Hong Kong Shipping Register User's Handbook Section 5 - Registration of Mortgages |
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5.1 Mortgage in ship registration 5.2 Registration of a mortgage 5.3 Registration of a provisionally registered ship's mortgage 5.4 Entry of mortgagee 5.5 Execution of a mortgage 5.6 Discharge of mortgage 5.1 Mortgage in ship registration A mortgage is an instrument created to secure any obligation on the owner of a ship. Once a ship is registered, whether provisionally or permanently, a mortgage may be created. 5.2 Registration of a mortgage The registration of a mortgage must be in the specified form (Form No. "RS/M1"). Mortgages rank in priority according to the date and time when they are presented and accepted for registration, and not according to the date of the actual mortgage instrument. 5.3 Registration of a provisionally registered ship's mortgage When a ship is provisionally registered, the mortgagee is also required to produce a "Confirmation by Mortgagee" to the Registrar. The confirmation in the specified form is to confirm that the mortgagee has sighted the original title document; and knows that the original title document has not been produced to the Registrar at the time of registration. 5.4 Entry of mortgagee An individual, joint mortgagees or bodies corporate may be entered in the Register as mortgagees. Mortgagees need not be "qualified persons" and foreign bodies corporate can be registered as mortgagees. 5.5 Execution of a mortgage A mortgage is executed under seal or Power of Attorney (original or certified true copy) and witnessed. In the case of body corporate, it should also be in accordance with its articles of association. 5.6 Discharge of mortgage A mortgage will remain on the Register until the Registrar is told that it has been discharged. A mortgagee should submit a memorandum of discharge of mortgage which is a specified form (Form No. "RS/M2") together with the original mortgage instrument. A memorandum of discharge by a body corporate must be executed under its seal. The discharge with the date and time will then be entered on the Register. |
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Last revision date : 1 November 2011 |