Merchant Shipping Act

115. Disposition of proceeds of sale

Edition: 2023-12-11 · In force

115. Disposition of proceeds of sale

The costs awarded by the Court and arising out of the arrest and subsequent sale of a ship shall be paid first out of the proceeds of such sale, and the balance of such proceeds shall be distributed among—

(a)the holders of maritime liens under section 105;

(b)the holders of preferential rights under section 108; and

(c)holders of mortgages and other preferential rights registered under this Part,

in accordance with the provisions of this Part and to the extent necessary to satisfy their claims.

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Source: Kenya Law