Section 47: Equities not excluded by Act and liabilities of owner

(1)
An interest arising under a contract or any other equitable interest may be enforced by or against the owner and mortgagee of a ship in respect of their interests in the ship, in the same manner, as in respect of any other personal property without prejudice to:
(a)
the provisions of this Act for preventing notice of trusts from being entered in the register or received by the registrar;
(b)
the powers of disposition and of giving receipts conferred by this Act on registered owners and mortgagees;
(c)
the provisions of this Act relating to the exclusion of unqualified persons from the ownership of ships registered in Nigeria.
(2)
Where a person is beneficially interested otherwise than by way of mortgage, in a ship registered in any foreign country or any share in the ship, and the ship or share is registered in the name of any other person as owner, the person so interested shall, as well as the registered owner, be subject to all pecuniary penalties imposed by
this Act or any other Act on the owner of a ship or share in a ship and proceedings may be taken for the enforcement of any such penalties against both or either of the persons with or without joining the other.
(3)
In this part of this Act;
"beneficial interest" includes interests arising under contract and other equitable
interests.