Section 42: Priority of mortgages
consolidated text (as at 2011, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
42. Priority of mortgages
(1) Where 2 or more mortgages are registered in respect of the same ship
or share, the priority of the mortgagees between themselves shall, subject to
subsection (2), be determined by the order in which the mortgages were
registered.
(2) Where it is so prescribed, the Registrar may give an intending mortgagee a priority notice which, when recorded in the Register, shall determine
the priority of the interest to which the notice relates.