← Langkawi International Yacht Registry Act 2003

Langkawi International Yacht Registry Act 2003 s 35

s 35 Priority of registered mortgage

(1) Where two or more mortgages are registered in respect of the same Langkawi yacht or the same share in the yacht, the priority of the mortgagees between themselves shall be determined by the order in which the mortgages are registered. (2) A mortgage in respect of a yacht under construction shall, for the purposes of determining priority under this Act or any other law, and in all other respects, be treated as a registered mortgage of a Langkawi yacht and shall continue to be treated as such until it is discharged, even if the yacht under construction ceases to be registered under this Act; and a yacht under construction shall, for the purposes of a mortgage in respect of the yacht under construction under this Act or any other law, be treated as maritime property.

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Find Act 630 on lom.agc.gov.my ↗

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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