378. Obligation of mortgagor before execution and registration of mortgage

Before executing any mortgage to be registered under this Act, the mortgagor shall disclose in writing to the mortgagee the existence of any maritime lien, prior mortgage, or other liability in respect of the ship to be mortgaged, which is known to the mortgagor.

Where the mortgagor has failed to comply with this section the mortgage debt shall at the election of the mortgagee become immediately due and payable, notwithstanding anything to the contrary in the mortgage.[416A