Commonwealth Consolidated Acts

SHIPPING REGISTRATION ACT 1981 - SECT 44

             (1)  Where a mortgage is discharged, the mortgage instrument together with such evidence of the discharge of the mortgage as is prescribed shall be lodged by the mortgagor with the Registrar within 14 days after the discharge or within such longer period as the Registrar, in special circumstances, allows.

             (2)  The Registrar shall, as soon as practicable after the lodgment by the mortgagor of the mortgage instrument, together with such evidence of the discharge of the mortgage as is prescribed, make an entry in the Register to the effect that the mortgage has been discharged and, on that entry being made, any interest of the mortgagee under the mortgage vests in the mortgagor.

             (3)  Where the mortgage instrument cannot, for any reason, be lodged with the Registrar, there shall be lodged by the mortgagor with the Registrar, in substitution for the mortgage instrument and such evidence of the discharge of the mortgage as is prescribed for the purposes of subsection (1), a declaration by the mortgagee setting out such particulars relating to the ship in respect of which the mortgage was given, the mortgage and its discharge as are prescribed for the purposes of this subsection.

             (4)  In this section, mortgagor , in relation to a ship or a share in a ship, includes any person in whom, having regard to any intervening acts and circumstances, the interest of the mortgagee would have been vested if the mortgage had not been made.