Merchant Shipping Act (Cap. 234), article 54A

54A. (1) The debts specified in article 50 shall rank in the order therein set out and in preference to other hypothecary an d privileged claims, notwithstanding that the ship is still in th e possession of the debtor, and the debts specified in article 50 (a) and (b) shall under all circumstances r ank in preference to any claim . (2) Any debt secured by a possessory lien or privilege over a ship as stated in article 54, sha ll be paid in preference to al l other claims except the debts specified in article 50( c), ( d), ( e), ( f), ( g), (h), ( i), and ( j) if such debts were created prior to the debt of the creditor enjoying the possessory lien. (3) Any debt secured by a mor tgage registered under the provisions of this Act or secure d by a foreign mortgage recogni sed under this Act shall rank after the debts specified in article 54 and in article 50( c), ( d), ( e), ( f), ( g), ( h), ( i), ( j) and ( k) but before the debts specified in article 50( l), (m ), ( n), (o) and (p) and in preference to other hypothecary and pr ivileged claims. (4) Where the fund is insufficient, competing creditors under the same heading shall shar e in such fund ratably. 42 CAP. 234.] MERCHANT SHIPPING Name of ship Ships’ names. Amended by: XXXVII.1988.28; I.2025.30.