Merchant Shipping Act (Cap. 234), article 45A

45A. (1) Where a registered mortgag e is amended the registrar shall on the production of the instrument of mortgage executed in accordance with the provisions of article 38 containing the amendment, together with the written consent on the said instrument, of the mortgagee w hose mortgage has been amended, make a note thereof in the register to the effect that the mort gage has been amended, and any such amendment shall form an integral part of the registered mortgage which it amends and such mortga ge, as amended, shall continue to have the same priority as it had before the amendment was noted. (2) Subject to the provisions of this article, an amendment of a mortgage may be eff ected for any purpose. (3) Without prejudice to the generality of the foregoing, and subject always to the provisions of sub-articles (4), (5) and ( 6), an amendment of a mortgage shall be effected for any one or more o f the following purposes: (a) to increase the amount of capital secured by such mortgage. An agreement to amend and vary the rates of interest payable, the modalities for the calculation of interest including any indices, margin, or market mechanism, the repayment schedule or the currency in which payment is to be made is not considered as an increase for the purposes of this article; and (b) to extend such mortgage to s ecure any other obligation of the mortgagor, whether as principal debtor or as s u r e t y f o r a n y o t h e r p e r s o n , i n f a v o u r o f t h e mortgagee, except where the new obligation qualifies as a future obligation of the mortgagor to the mortgagee secured by the mortgage being within a maximum sum by way of principal stated in the relative mortgage instrument. (4) An amendment of a mortgage may not be effected after the obligation secured by the registe red mortgage has been satisfie d. 34 CAP. 234.] MERCHANT SHIPPING (5) Where any mortgages other than the mortgage that it is intended to amend are entered in the register of the ship an amendment shall not be noted unless the consent in writing of a ll the other mortgagees whose interests may be prejudiced by the amendment, is produ ced to the registrar. (6) The consent to an amendment to a mortgage shall be signified by means of a declaration executed by the mortgagee i n the presence of, and attested by a witness or witnesses. Amendment of registered mortgage details. Added by: I.2025.24.