|415||Title:||MERCHANT SHIPPING (REGISTRATION) ORDINANCE||Gazette Number:|
|Section:||45||Heading:||Priority of mortgages, etc.||Version Date:||30/06/1997|
(1) Where 2 or more mortgages are registered in respect of the same ship, priority among the mortgagees shall be in accordance with the order of registration of the mortgages, irrespective of the date upon which they were made or executed, and notwithstanding any express, implied or constructive notice.
(2) No mortgage instrument shall be registered except with the prior written consent of all the holders of mortgages then registered against the ship concerned.
(3) The priority accorded to a mortgage pursuant to subsection (1) shall, unless the holders of all registered mortgages having priority subsequent to such mortgage otherwise agree in writing, extend only to those obligations expressed to be secured by the mortgage instrument or any instrument referred to in the mortgage instrument.