Section 40: Priority of mortgage.––If there are more mortgages than one registered in respect of — Pakistan Merchant Shipping Ordinance, 2001

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

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40. Priority of mortgage.––If there are more mortgages than one registered in respect of the same ship or share, the mortgagees shall, notwithstanding any express, implied, or constructive notice, have priority according to the date at which each mortgage is recorded in the register book and not according to the date of each mortgage itself.

Effective date: 2001-01-01

Related sections

Section 39: Entry of discharge of mortgage.––Where a registered mortgage is discharged, the Section 41: Mortgagees not treated as owner.––Except as far as may be necessary for making a Section 38: Mortgage of ship or share Section 42: Mortgagee to have power of sale.––Every registered mortgagee shall have power if Section 37: Power of court to prohibit transfer.––Where the ship is registered in Pakistan the High Section 43: Mortgage not affected by bankruptcy.––A registered mortgage of a ship or share shall

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