(1) Where a security or guarantee has been deposited with the Court in accordance with section 421, any person who has made a claim against such security or guarantee shall be barred from exercising any right in respect of the claim against any other assets of a person by or on behalf of whom the security or guarantee has been deposited.

(2) Where a ship or other property is seized or arrested in connection with a claim which appears to the Court to be founded on liability to which limitation is applicable under this Part, and in respect of which a security or guarantee is deposited, the Court shall order the release of the ship or property if the security or guarantee has been deposited in Ghana or

(a) at the port where the occurrence took place, or, if it took place out of port, at the first port of call thereafter;

(b) at the port of disembarkation in respect of claims for loss of life or personal injury; or

(c) at the port of discharge in respect of damage to cargo, but where the release is ordered the person on whose application it is ordered shall be considered to have submitted to the jurisdiction of the Court to adjudicate on the claim.

(3) Subsections (1) and (2) shall apply only if the claimant brings a claim before the Court and the security or guarantee deposited with the Court is actually available and freely transferable in respect of that claim.