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.