Section 14 in The Merchant Shipping (Registration of Indian Fishing Boats) Rules, 1988
14. Mortgage of Indian fishing boat.
(1)Every instrument of mortgage of an Indian fishing boat or any interest therein shall be in Form VIII or Form IX, as the case may be.(2)The registrar shall, after satisfying himself that the instrument of mortgage has been 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 mortgage instrument.(3)Where there are two or more mortgages on the same fishing boat, their respective priorities shall be indicated in the register in the appropriate column by the letters A, B, C ... in alphabetical order.(4)Where an Indian fishing boat belonging to a company or a cooperative society 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 (1 of 1956) or, as the case may be, with the registrar of co-operative societies under the Co-operative Societies Act, 1912 (2 of 1912) or any other law relating to co-operative societies for the time being in force in any State.(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 or a co-operative society, also that a memorandum of satisfaction has been entered in the register of changes under section 138 of the companies Act, 1956 or, as the case may be, under the Co-operative Societies Act, 1912, 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.
