Section 56: Priority of mortgages

(1)
If there are more mortgages than one registered in respect of a ship or share, the Priority of mortgagees shall, notwithstanding any express, implied or constructive notice, be entitled mortgages in priority one over the other, according to the date on which each mortgage is recorded in the register and not according to the date of each mortgage itself.
(2)
A registered mortgage of a ship or share in the ship shall not be affected by any act of bankruptcy committed by the mortgagor after the date of the record of the mortgage, notwithstanding that the mortgagor at the commencement of his bankruptcy had the ship or share in his possession, order or disposition, or was the reputed owner of the ship and the mortgage shall be preferred to any right, claim or interest in the ship of the other creditors of the bankruptcy, or of any trustee or assignee in their behalf.