A registered mortgagee1 of a ship or a share in a ship has power absolutely to dispose of the ship or share and to give effectual receipts for the purchase money2, but, where two or more mortgagees are registered in respect of the same ship or share, a subsequent mortgagee, except under the order of a court of competent jurisdiction, may not exercise this power without the concurrence of every prior mortgagee3.
The mortgagee of an aircraft or hovercraft has the statutory power
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