Priority Rankings
Registration confers a mortgagee higher priority over the following scenarios but not limited to:
- earlier unregistered mortgages, irrespective of knowledge of them;
- later registered or unregistered mortgages; and
- additional advances subsequently made under a prior registered mortgage where under the agreement was that mortgage should cover present and future advances by the mortgagee.
However, a mortgagee does not have priority over the following scenarios but not limited to:
- any mortgage registered earlier;
- any claims in connection with which the vessel had already been arrested at the time when the mortgage was entered into;
- any possessory lien of a ship repairer; and
- maritime liens, whether earlier or later
Read more about this topic: Ship Mortgage, Registration of Statutory Mortgages
Famous quotes containing the word priority:
“It can be fairly argued that the highest priority for mankind is to save itself from extinction. However, it can also be argued that a society that neglects its children and robs them of their human potential can extinguish itself without an external enemy.”
—Selma Fraiberg (20th century)