Section 49
Priority of mortgages.
The Merchant Shipping Act, 1958
About this Act
An Act to foster the development and ensure the efficient maintenance of an Indian mercantile marine in a manner best suited to serve the national interests and for that purpose to establish a National Shipping Board to provide for the registration, certification, safety and security of Indian ships and generally to amend and consolidate the law relating to merchant shipping.
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.