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Cap. 234 · Merchant Shipping Act (Cap. 234)

Cap. 234 чл. 48Loss of original mortgage deed.

PART II

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(1) In case of loss of any registered mortgage instrument the registrar shall, at the request of the mortgagee alone, or together with the mortgagor, reconstitute the original mortgage and certify this instrument as a reconstituted original of the mortgage instrument. The registrar shall only accede to such a request upon the production by the party making the request of a sworn declaration to the effect that the original has been lost.

(2) In such a case the registrar shall make a note in the register that a reconstituted mortgage instrument has been issued, reciting at whose request such a reconstituted mortgage has been issued.

(3) In case of loss of any original mortgage instrument, the registrar may enter any transfer or discharge of mortgage if the mortgagee produces a sworn declaration that he is the holder of the mortgage, the instrument of which has been lost, and that he is discharging or transferring the said security in virtue of the sworn declaration.

(4) In such a case the registrar shall, on production of the said sworn declaration, treat such declaration as the mortgage instrument and shall follow the procedure specified in this Act for the transfer or discharge of mortgage; the registrar shall make a note in the register that the transfer or discharge of mortgage has taken place in virtue of a sworn declaration.