(1) A Saint Lucian ship, or a share therein, may be made a security for a loan or other valuable consideration, and the instrument creating such security, in this Part referred to as a “mortgage”, shall be in the prescribed form.
(2) Before executing any mortgage the mortgagor shall 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 and of which the mortgagor is aware.
(3) If the mortgagor fails to comply with subsection (2) the mortgage debt shall, at the election of the mortgagee, become immediately due and payable, despite anything to the contrary in the mortgage.
(4) Mortgages shall be recorded by the Registrar of Ships in the order and time in which they are produced to the Registrar of Ships for that purpose, and the Registrar of Ships shall endorse and sign a memorandum on each mortgage indicating that it has been recorded by him or her and stating the date and time that it was recorded.
(5) The transfer of a mortgage or its transmission shall not affect the order of priority of the mortgage.
(6) A mortgage executed outside Saint Lucia and produced before a proper officer duly authorised to receive the same may be recorded by the Registrar of Ships on the advice of such proper officer.