Section 36

Subject to subsection (2), every registered mortgagee of a Langkawi yacht or a share in the yacht shall have, where the mortgage money or any part of it is due, the power to sell the

Langkawi yacht or the share in the yacht and to give effectual receipts for the purchase money.

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Langkawi International Yacht Registry

Where two or more mortgagees are registered in respect of the same Langkawi yacht or the same share in the yacht, a subsequent mortgagee shall not, except under an order of the Court, sell the yacht or the share in the yacht without the concurrence of every prior mortgagee.

Mortgage not affected by bankruptcy 36A. A registered mortgage of a Langkawi yacht or a share in the yacht shall not be affected by any act of bankruptcy committed by the mortgagor after the date of the registration of the mortgage, notwithstanding that the mortgagor at the commencement of his bankruptcy had the yacht or the share in the yacht in his possession, order or disposition, or was the reputed owner of the yacht or the share in the yacht, and the mortgage shall be preferred to any right, claim or interest in the yacht or the share in the yacht of the other creditors of the bankrupt or of any trustee or assignee on their behalf.