Section 59: Transmission of interest in mortgage by death, bankruptcy, etc.

(1)
If the interest of a mortgagee in a ship registered in Nigeria, or any share in the ship is transmitted to any person on the death or bankruptcy of the mortgagee, or by any lawful means, other than by a transfer under this part of this Act, the transmission shall be authenticated by a declaration of the person to whom the interest is transmitted.
(2) A declaration made under this section shall:
(a) be in a form approved by the Minister;
(b)
contain a statement of the manner in which, and the person to whom, the property has been transmitted; and
(c)
be accompanied by such evidence as is required by this part of this Act in the case of a corresponding transmission of the ownership of a ship or share in a ship.
(3)
The Registrar on the receipt of the declaration and the production of the evidence as provided in subsection (2) of this section, shall enter the name of the person entitled under the transmission in the register as the mortgagee of the ship or share.