s 26 Obligation of mortgagor before execution and registration of mortgage
26.—(1) Before executing any mortgage to be registered under this Act, the mortgagor must disclose in writing to the mortgagee the existence of any maritime lien, prior mortgage, or other liability in respect of the ship to be mortgaged, which is known to the mortgagor.
(2) Where the mortgagor has failed to comply with this section, the mortgage debt must, at the election of the mortgagee, become immediately due and payable, despite anything to the contrary in the mortgage.
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