Section 57: Powers of a mortgagee

(1)
Except as may be necessary for making a mortgaged ship or share in the ship available as Powers or a security for the mortgage debt, the mortgagee shall not, by reason of the mortgage, be mortgagee deemed the owner of the ship or share, nor shall the mortgagor be deemed to have ceased to be the owner of the ship.
(2)
Every registered mortgagee has power absolutely to dispose of the ship or share in respect of which he is registered, and to give effectual receipts for the purchase money; but, where there are more persons than one registered as mortgagees of the same ship or share, a subsequent mortgagee shall not, except under the order
of a court of competent jurisdiction, sell the ship or share without the consent of every prior mortgagee.