Article 216. Preservation of a vessel or a vessel under construction secured by a mortgage of the Merchant Shipping Act
The mortgagor is obliged to take appropriate measures to preserve and maintain a vessel or a vessel under construction secured by a mortgage. If non-fulfillment of such an obligation leads to a significant depreciation of the vessel or a vessel under construction, the pledgee has the right to sell it forcibly before the deadline for fulfilling the obligation.
The Law of the Republic of Kazakhstan dated January 17, 2002 No. 284.
This Law defines the legal, organizational, economic and international foundations of public administration in the field of merchant shipping and regulates relations related to the transportation of passengers, baggage and cargo, ensuring safety in maritime transport and environmental protection.
President
Republic of Kazakhstan
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