s.79Mortgage not affected by bankruptcy
79
Section 79Part 4 — PROPRIETARY INTERESTS IN REGISTERED SHIPS

Mortgage not affected by bankruptcy

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A registered mortgage of a ship or a share in a ship shall not be affected by any act of bankruptcy committed by the mortgagor after the date of the registration of the mortgage, notwithstanding —
that the mortgagor at the commencement of the bankruptcy had the ship or share in the mortgagor's possession;
any order; or
disposition; or
the mortgagor was the reputed owner of the ship,
and the mortgage shall be preferred to any right, claim or interest therein of the other creditors of the bankrupt or of any trustee or assignee on their behalf.