Cap. 234 Art. 49Recognition of foreign mortgages.

A foreign mortgage shall be recognised as a mortgage with the status and all the rights and powers specified in this Act, notwithstanding the fact that it is not entered over a registered ship if:

(a) such mortgage has been validly recorded in the registry of ships of the country under whose laws the ship is documented;

(b) such registry is a public registry;

(c) such mortgage appears upon a search of the registry and

(d) such mortgage is granted a preferential and generally equivalent status as a mortgage under this Act under the laws of the country where the mortgage is registered.