The master of a vessel may hypothecate its cargo upon respondentia only if all of the following conditions exist:
(a) He would be authorized to hypothecate the vessel and freightage.
(b) He is unable to borrow sufficient money on the vessel and freightage for repairs or supplies which are necessary for the successful accomplishment of the voyage.
(c) There is a reasonable prospect of benefiting the cargo.
(Enacted by Stats. 1937, Ch. 368.)
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