Section 13 in The Merchant Shipping (Registration Of Sailing Vessels) Rules, 1960
13. Mortgage of vessel.
(1)Every instrument of mortgage of a vessel or any interest therein shall be in SVR Form VIII or SVR Form IX, as the case may be.(2)The registrar shall, after satisfying himself that the instrument is properly executed, record the same in his register with the date and hour of acceptance and shall also make an endorsement to that effect on the mort3age instrument.(3)Where there are two or more mortgages on the same vessel, their respective priorities shall be indicated in the register in the appropriate column by the letters A, B, C . .............. in alphabetical order.(4)Where a vessel belonging to a company is mortgaged, the registrar shall not register the mortgage unless it has also been registered with the Registrar of Companies under Section 134 of the Companies Act, 1956.(5)When the mortgage debt is fully discharged, the registrar shall, after satisfying himself that the receipt endorsed on the mortgage instrument is in order and that it is properly witnessed and, where the mortgage is by a company, also that a memorandum of satisfaction has been entered in the register of charges under Section 138 of the Companies Act, 1956, make an entry in the register relating to the discharge of the mortgage.(6)No payment of any instalment of a mortgage debt shall be recorded in the register.
