23. | (1) Where the interest in a mortgage of a local fishing boat is transmitted by bankruptcy, death, or any other lawful means, not being a transfer under section 22, the person to whom the interest is transmitted shall- | | (a) make a declaration to the Director stating his name, address and the manner in which the interest in the mortgage has been transmitted to him; and | | |
| | (b) produce to the satisfaction of the Director evidence of the transmission of the interest in the mortgage of the local fishing boat, | | |
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| (2) The Director shall, on receipt of the declaration and on production of the evidence referred to in subsection (1), enter in the register of local fishing boats in which the mortgage is registered, the name and address of the person so whom the interest has been transmitted, as mortgagee of the local fishing boat. |
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| (3) The person to whom the interest of a mortgage is transmitted by bankruptcy, death or by any other lawful means, not being a transfer under section 22, shall enjoy the same priority as was enjoyed by such mortgagee, |
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Sri Lanka Consolidated Acts