(1) Any person alleged to be liable and seeking to limit his or her liability under this Part shall deposit into the High Court an amount at least equivalent to the limit provided for in section 421 or section 425 as appropriate, in the form of a security or guarantee, together with interest thereon from the date of the occurrence giving rise to the liability until the date such security or guarantee is deposited, and the amounts so constituted shall be available only for the payment of claims in respect of which limitation of liability can be invoked.
(2) A security or guarantee deposited by any of the persons mentioned in section 427 shall be deemed to have been deposited by those persons.