Cap. 234 Art. 45Transmission of interest of mortgagee by death. 

(1) Where the interest of the mortgagee in a ship or share is transmitted by death, the person to whom the interest is transmitted shall make and sign a declaration containing a statement of the manner in which and the person to whom the property has been transmitted and such declaration shall be accompanied by the like evidence as is by this Act required in case of a corresponding transmission of the ownership of a ship or share.

(2) On the receipt of the declaration and the production of the evidence aforesaid, the registrar shall enter the name of the person entitled upon the transmission in the register as mortgagee of the ship or share.