Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A ship or a share in a ship may be made a security for the discharge of an obligation by way of a mortgage under this Act.
(2) The instrument of such a mortgage shall be made in accordance with the regulations.
(3) As soon as practicable after the lodgment of a mortgage instrument so made, the Registrar shall register the mortgage by entering particulars of the mortgage in the Register and shall endorse on the instrument the fact of the entry having been made, together with the date and time of the making of the entry.
(4) Mortgage instruments lodged under this section shall be registered in the order of their lodgment.
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