Section 37

Except as far as may be necessary for making a mort-gaged ship or share available as a security for the mortgage debt, the mortgagee shall not by reason of the mortgage be 39

Mortgage of ship or share

Entry of dis-charge of mortgage

Priority of mortgages

Mortgagee not treated as owner

40

Mortgagee to have power of sale

Mortgage not affected by bankruptcy

Transfer of mortgages

Transmission of interest in mortgage by bankruptcy or death etc.

Merchant Shipping deemed to be the owner of the ship or share, nor shall the mortgagor be deemed to have ceased to be the owner there-of.