Section 438: Mortgages of fishing vessels

438. Mortgages of fishing vessels.—(1) Every mortgage of a fishing vessel or of any interest therein effected after the commencement of this Chapter shall be registered with the registrar. (2) Every mortgage of a fishing vessel or any interest therein effected before the commencement of this Chapter shall, if subsisting at such commencement, be registered with the registrar within six months thereof unless it is earlier discharged. (3) The registrar shall enter every such mortgage in the fishing vessel’s register in the order in which it is registered with him. (4) If there are more mortgages than one recorded in respect of the same fishing vessel or interest therein the mortgages shall, notwithstanding any express, implied or constructive notice, have priority according to the date on which each mortgage is registered with the registrar and not according to the date of each mortgage itself: Provided that nothing contained in this sub-section shall affect the relative priorities as they existed immediately before the commencement of this Ordinance as between mortgages of the same vessel or interest therein effected before such commencement which are registered in accordance with the provisions of sub-section (2).

Effective date: 2001-01-01

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