(1) No shipmaster shall do any of the following acts except in cases of paying repair charges of a ship, salvage charges, and other expenses necessary for the continuous voyage:
1. Offering a ship or its appurtenances as security;
2. Borrowing goods;
3. Disposing of the whole or any part of cargo.
(2) An amount of compensation, in cases of disposing of the cargo, shall be determined by the price at a port of unloading at the time of arrival of the cargo: Provided, That expenses not payable shall be deducted from the price.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]