Malaysia legislation
Section 37
Section 37
Transfer of registered mortgage
(1)
A registered mortgage in respect of a Langkawi yacht or a share in the yacht may be transferred by an instrument made in the prescribed form.
(2)
Where such instrument is produced to the Director General, he shall register the transferee in the prescribed manner.
Protection of registered mortgagor 38.
Where a Langkawi yacht or a share in the yacht is subject to a registered mortgage—
(a)
except so far as may be necessary for making the yacht or the share in the yacht available as a security for the mortgage debt, the mortgagee shall not by reason of the mortgage be treated as the owner of the yacht or the share in the yacht; and
(b)
the mortgagor shall be treated as not having ceased to be the owner of the yacht or the share in the yacht.
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Transmission of mortgage by operation of law 39.
Where the interest of a mortgagee in a registered mortgage in respect of a Langkawi yacht or a share in the yacht is transmitted to any person by any lawful means other than by a transfer under section 37, the Director General shall on production of the prescribed evidence cause the name of that person to be entered in the Yachts
Register as the mortgagee of the yacht or the share in the yacht.
Discharge of registered mortgage 40.
Where a registered mortgage in respect of a Langkawi yacht or a share in the yacht has been discharged, the Director General shall, on production of the mortgage deed and such evidence of the discharge of the mortgage as may be prescribed, cause an entry to be made in the Yachts Register to the effect that the mortgage has been discharged.