Section 75Part 4 — PROPRIETARY INTERESTS IN REGISTERED SHIPS
Priority of mortgages
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Where two or more mortgages are registered in respect of the same ship or on a share in the ship, the priority of the mortgagees between themselves shall, subject to subsection (2), be determined by the order in which the mortgages were registered and not by reference to any other matter.
Registration regulations may provide for the giving to the Registrar of Shipping by intending mortgagees of "priority notices" in a form prescribed by or approved under the regulations which, when recorded in the register, shall determine the priority of the interest to which the notice relates.
Defined Terms
priority notices