Merchant Shipping Act (Cap. 234), article 37B

37B. ( 1 ) A s h i p m a y c o n s t i t u t e s e c u r i t y f o r a d e b t o r o t h e r obligation either by agreement or by operation of the law as hereinafter provided. (2) A debt or other obligation may be secured - (a) by means of a mortgage which is a special charge over a vessel, or (aa) by means of a finance charter interest which is a charge over a vessel which is enforceable erga omnes, or (b) by a general hypothec which attaches to all the assets of a debtor including any vessel such debtor may own, or (c) by a special privilege upon the vessel: Provided that special privi leges arise in virtue of law and no debt or other obligation other than those specified at law shall be secu red by a special privilege.    Cap. 16. (3) Subject to the provisions of article 40, separate items upon a vessel may themselves be subj ect to special privileges in accordance with the provisions of the Civil Code , in security of the debts therein specified. ( 4 ) A m o r t g a g e s h a l l a l s o i n c l u d e a m o r t g a g e t h a t h a s b e e n registered in a foreign jurisdiction but is recognized in Malta and registered in the Maltese registry. Priority of claims on ship over all other debts of owner.  Added by: XXXVII. 1988.19. Amended by: VIII. 2010.61; I.2025.17.