Section 58: Transfer of mortgage

(1)
A registered mortgage of a ship registered in Nigeria or a share in the ship may be transferred to any person.
(2)
On the production of an instrument effecting a transfer of mortgage and of the mortgage to which it relates, the Registrar shall record the transfer by entering in the register, the name of the transferee as the mortgagee of the ship or share, and shall endorse and sign on the mortgage and on the instrument effecting the transfer, a memorandum stating that the transfer has been recorded by the Registrar and the date and time of the record.