(1) Where a ship or other property is seized or arrested in connection with a claim which appears to the High Court to be founded on liability to which limitation is applicable under this Part, and in respect of which a security or guarantee is deposited, the High Court shall order the release of the ship or property if the security or guarantee has been deposited in Saint Lucia or—
(a) at the port where the occurrence took place, or, if it took place out of port, at the first port of call thereafter; or
(b) at the port of disembarkation in respect of claims for loss of life or personal injury; or
(c) at the port of discharge in respect of damage to cargo,
but where the release is ordered the person on whose application it is ordered shall be deemed to have submitted to the jurisdiction of the High Court.
(2) Subsection (1) shall apply only if the claimant brings a claim before the High Court and the security or guarantee deposited with the High Court is actually available and freely transferable in respect of that claim.