Cap. 234 Art. 54Possessory lien or privilege.

(1) Any ship repairer, shipbuilder or other creditor into whose care and authority a ship has been placed for the execution of works or other purposes shall have a possessory lien over the ship.

(2) A possessory lien shall entitle the creditor to retain possession over the ship on which he has worked or carried out activity until such creditor is paid the debts due to him for such building, repairs or activity.

(3) A possessory lien shall be extinguished by the voluntary release of the ship from the custody of the creditor.

(4) A possessory lien shall not be extinguished if the vessel is released pursuant to a court order or following a judicial sale of the vessel. In the latter case the creditor shall enjoy the priority specified in article 54A over the proceeds of sale of the ship.

(5) The creditor shall be obliged to release the ship if he is paid the sum claimed, or adequate security is deposited in the Civil

Court, First Hall, under the provisions of the Code of Organization and Civil Procedure: Provided that the creditor shall enjoy the same priority over such sum.

(6) For the purposes of this article, the creditor upon a demand by judicial letter served upon him by any person interested in the ship, shall be obliged to declare the amount of his claim by judicial act to be filed within a period of two days from the date of notification to him of the aforesaid demand failing which he shall be obliged to release the ship forthwith.