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Union of India - Section

Section 49 in The Merchant Shipping Act, 1958

49. Priority of mortgages. -

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