Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 December 1955 - onwards
55. Mortgage not affected by bankruptcy.
Amendments (requiring commencement) by Sch. 1 to the Merchant Shipping (Registration of Ships) Act 2014 (No. 43), published 25 December 2014.
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A registered mortgage of a ship or share 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 reputed owner thereof, and the mortgage shall be preferred to any right, claim, or interest therein of the other creditors of the bankrupt or any trustee or assignee on their behalf.