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(1) Any person alleged to be liable and seeking to limit Liability under this Part shall deposit into court an amount equivalent at least to the limit provided for in section 414 or section 418 as appropriate, in the form of a security or guarantee, together with interest from the date of the occurrence that gives rise to the liability until the date the security or guarantee is deposited, and the amount shall be available only for the payment of claims in respect of which limitation of liability can be invoked.

(2) A security or guarantee deposited by a person or the insurer of a person mentioned in paragraphs (a), (b) or (c) of subsection (1), or subsection (2) of section 420, shall be deemed to have been deposited by the person mentioned in that section.