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P&I (CLASS 3) / PART II / RULE 17
MORTGAGEES
17.1 Payment and Notice
At the request of a mortgagee and with the consent of the Member, the Managers may in their discretion, and subject to the provisions of Rule 42 Assignment, agree to:
17.1.1 pay to the mortgagees, or to their order, any recovery the Member is entitled to receive from the funds of the Association in respect of any liability, costs or expenses incurred by the Member on receipt of notice from the mortgagees that the Member is in default under the mortgage;
17.1.2 inform the mortgagees if notice is given to the Member in respect of the Entered Ship under Rule 9.3 Notice of Termination that the Member’s insurance in the Association in respect of such Ship is to cease;
17.1.3 give the mortgagees 14 days’ notice of the Association’s intention to cancel the insurance of the Member by reason of the Member’s failure to pay when due and demanded any sum due from the Member to the Association.