A registered mortgage of a vessel or share shall not be affected by any act of insolvency committed by the mortgagor after the date of the record of such mortgage, notwithstanding that the mortgagor, at the commencement of his insolvency, had the vessel or share in his possession, order or disposition, or was the reputed owner thereof, and the mortgage shall be preferred to any right, claim or interest therein of the other creditors of the insolvent or any trustee or assignee on their behalf.
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Section 1 · Short title and commencement.Section 2 · Application of Act.Section 3 · Definitions.Section 4 · Establishment of National Shipping Board.Section 5 · Constitution of Seafarer’s Welfare Board.Section 6 · Power to make rules.Section 7 · Director-General of Maritime Administration.Section 8 · Officers.India Code, Government of India. Text fetched 25 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.