Merchant Shipping Act : Mortgagee not deemed to be owner. Indian Bare Acts :

Merchant Shipping Act,1958

Act No : 44

Section : Mortgagee not deemed to be owner.

50. Mortgagee not deemed to be owner. Except in so far as may be necessary for making a mortgaged ship or share available as a security for the mortgage debt, the mortgagee shall not, by reason of his mortgage, be deemed to be the owner of the ship or share, nor shall the mortgagor be deemed to have ceased to be owner thereof.