Clause 25

A Singapore ship or any share therein may be made a security for a loan or other valuable consideration, and the instrument creating the security (referred to in this Part as a mortgage) shall be in the prescribed form or as near thereto as circumstances permit, and on production of that instrument the Registrar shall record it in the register.

Mortgages shall be recorded by the Registrar in the order in time in which they are produced to him for that purpose, and the Registrar shall endorse and sign a memorandum on each mortgage stating the date and time of that record.