Section 25 in The Merchant Shipping (Registration of Indian Ships) Rules, 1960
25. Mortgage of ship or share therein.
(1)Every instrument of mortgage of a registered ship shall be in one of the appropriate forms specified in Schedule "I.(2)On presentation of the mortgage instrument to the registrar of the ship's port of registry, together with the prescribed fee, the registrar shall, if he is satisfied that the instrument is properly executed and that it does not contain notice of any trust, express, implied or constructive, proceed to record the transaction in the register book with the date and hour of acceptance, he shall also endorse on the mortgage instrument the fact of recording and the date and hour of acceptance.
