Section 53. Transfer of mortgages

53. Transfer of mortgages .―(1) A registered mortgage of a ship or share may be transferred to any person and the instrument effecting the transfer shall be in the prescribed form or as near thereto as circumstances permit, and on the production of such instrument, the registrar shall record it by entering in the register book the name of the transferee as mortgagee of the ship or share and shall, by memorandum under his hand, notify on the instrument of transfer that it has been recorded by him stating the day and hour of the record. (2) The person to whom any such mortgage has been transferred shall enjoy the same right of preference as was enjoyed by the transferor. 1. Subs. by Act 68 of 1993, s. 5, for section 51 (w.e.f. 27-10-1993). 53. If any person fails to comply with 187(1) Fine which may extend to sub-section (1) of section 187. one hundred rupees.