Priority of recorded mortgages

Mortgages shall be registered in the order in which they are produced to the Deputy Registrar at the Head Office for the purpose of registration in the Register and he shall enter and sign on each mortgage a statement to the effect that it has been registered by him, stating the date and time of the registration. Mortgages shall rank in the order in which they are registered save always that two or more mortgagees may agree to vary such priority and any agreement for such purpose may be presented for noting by the Registrar and will have legal effect from the date of having been noted in the register of the ship. 35