Sri Lanka Consolidated Acts

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Merchant Shipping Act (No. 52 of 1971) - Sect 68

Mortgagee to have power of sale

68.
(1) Every registered mortgagee shall, subject to sub-section (2), have power-
(a) absolutely to dispose of the ship or share in respect of which he is registered; and
(b) to give effectual receipts for the purchase money.
(2) Where there are more persons than one registered as mortgagees of the same ship or share a subsequent mortgagee shall not, except under the order of a Court of competent jurisdiction, sell the ship or share without the concurrence of every prior mortgagee.


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