1168. Priority of mortgages.

A mortgage of an aircraft entered in the register of aircraft mortgages1 has priority over any other mortgage of or charge on that aircraft, other than another mortgage entered in that register2, although where two or more mortgages are registered they have priority, as between themselves, according to the times at which they were registered3. Where a priority notice is registered and the contemplated mortgage referred to in it is made and registered within 14 days thereafter, the mortgage is deemed to have priority from the time when the priority notice was registered