Cap. 503 Art. 32Priority of mortgages.

(1) If there are more than one mortgage registered in respect of the same aircraft or share, the mortgagees shall, notwithstanding any express, implied or constructive notice, be entitled in priority, one over the other, according to the date and the time at which each mortgage is recorded in the Malta Aircraft Register.

(2) Subject to the provisions of sub-article (3), after the effective date all mortgages registered in terms of this Part shall rank after any international interest, prospective international interest and other right or interest which is registered in the International Registry on such aircraft or share therein irrespective of the date and time of registration in the international registry.

(3) A mortgage registered in terms of this Part or any law (which this Act substitutes) before the effective date shall retain its priority over any international interest or prospective international interest as defined in the First Schedule which may be registered in the International Registry on such aircraft or share therein.