What does the date on the Ship Mortgage Registration Certificate mean?
The mortgagee may obtain the certificate several days after the application is filed, and applications made the same day will have the same date of registration.
Two or more mortgages can be established on one ship, such mortgages shall be registered in order of dates of application for mortgage registration. The ranking of the mortgages shall be determined in accordance with the dates of their respective registrations. In case two or more mortgages are established, the mortgagees shall be paid out of the proceeds of the auction sale of the ship in the order of their registration. The mortgages registered on the same date shall rank equally for payment.
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