Section 74: Effect of a forced sale of ship

(1)
In the event ofthe forced sale of a ship, all mortgages and preferential rights, except those assumed by the purchaser with the consent of the holders, and all liens and other encumbrances of whatsoever nature shall cease to attach to the ship.
(2)
No charter party or contract for the use of the ship shall be deemed a lien or encumbrance for the purposes of this section.