Mercantile Marine Act, 1955

Equities not excluded by Act.

79.—The expression “beneficial interest”, where used in this Act, includes interests arising under contract and other equitable interests; and the intention of this Act is that without prejudice to the provisions of this Act for preventing notice of trusts from being entered in the register book or received by the registrar and without prejudice to the powers of disposition and of giving receipts conferred by this Act on registered owners and mortgagees, and without prejudice to the provisions of this Act relating to the exclusion of persons who are not qualified persons from the registry of ships under this Act, interests arising under contract or other equitable interests may be enforced by or against owners and mortgagees of ships in respect of their interest therein in the same manner as in respect of any other personal property.

Liability of Beneficial Owner.