(1) In any of the following cases, a ship shall be deemed irreparable:
1. When it is impossible to repair a ship at the present location, and a ship cannot arrive where it can be repaired;
2. When the repair charges exceed three-quarters of the value of a ship.
(2) The value mentioned in paragraph (1) 2 shall be the value at the time of departure of a ship if the ship has been damaged during the voyage, and in other cases, the value prior to such damage.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]