Section 53: Mortgage of ship or share in ship

(1)
A ship registered in Nigeria, or a share in the ship may be made a security for a loan or other valuable consideration, and there shall be a proper written instrument creating the security (in this Part of this Act referred to as "a mortgage")
(2)
Where a mortgage on a ship is produced to the Registrar at the ship's port of registry, the Registrar shall record the mortgage in the register.
(3)
Mortgages shall be recorded by the Registrar in the order in which they are produced to the Registrar for that purpose and the Registrar shall endorse and sign a memorandum on each mortgage, stating the date and time of the record.