A power of sale under a ship mortgage can only be exercised when a sum is due.
 2 Lloyds Rep 520
England and Wales
Cited – Banque Worms v Owners of the Ship Or Vessel Maule and others PC 24-Feb-1997
(Hong Kong) The ship-owners challenged the arrest of the ship under a mortgage in favour of the bank. They said no instalment was due.
Held: The plaintiffs were not obliged to give notice accelerating repayment of the loan before exercising . .
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Updated: 08 May 2021; Ref: scu.242405