Article 221. Termination of the mortgage of a vessel of the Merchant Shipping Act
1. The mortgage of the vessel is terminated in the following cases::
1) termination of the obligation secured by the pledge;
2) sale of a vessel or a vessel under construction through competitive bidding (tender, auction), as well as in the case when its implementation proved impossible;
3) the loss of a vessel or a vessel under construction, except in cases where the mortgagee of the vessel or a vessel under construction can fulfill his claim to the insurance payment due in connection with the loss of the vessel or vessel under construction, in accordance with the marine insurance contract.
2. When providing evidence of the termination of the mortgage of a vessel or a vessel under construction in the cases provided for in paragraph 1 of this article, the registration authority shall make an entry in the relevant register of ships or the register of ships under construction on the termination of the mortgage of the vessel or vessel under construction.
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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