Malaysia legislation
Section 34
Section 34
Mortgage of yacht or share
(1)
A Langkawi yacht or a share in the yacht may be made a security for the repayment of a loan or the discharge of any other obligation.
(2)
The instrument creating any such security referred to in this
Chapter as a “mortgage” shall be in the prescribed form.
(3)
Where a mortgage executed in accordance with subsection
(2)
is produced to the Director General, he shall register the mortgage in the manner prescribed.
(4)
For the purposes of subsection (1), “Langkawi yacht” includes a yacht under construction.