Section 52

A registered mortgage of a ship or share in a ship shall not be affected by the mortgagor having been adjudicated bankrupt after the date of registration of the mortgage, notwithstanding the ship or share is in the possession of the mortgagor at the date of adjudication and the mortgagee shall have preference over any right, claim or interest in the ship or share of any creditor, trustee or assignee.

Non-application.