Section 28: Liability of mortgagee.

When, during the continuance of the mortgage, the mortgagee takes possession of the mortgaged vessel or is asserting a claim before the court for possession of the vessel, he shall be responsible for---

(a) managing the vessel as if it were his own vessel;

(b) making such necessary repairs to the mortgaged vessel as may be required for the smooth operation and normal functioning of the vessel;

(c) ensuring that no act is committed which is destructive or permanently injurious to the vessel; and

(d) such other liability as may be prescribed.