Section 3
SEC. 3. Mortgage of Vessels of Domestic Ownership; records— No mortgage, which at the time such mortgage is made includes a vessel of domestic ownership as this term is defined in Presidential Decree No. 761, or any portion thereof, as the whole or any part of the property mortgaged; shall be valid, in respect to such vessel, against any person other than the mortgagor, his heir or assign, and a person having actual notice thereof, until such mortgage is recorded in the office of the Philippine Coast Guard of the port of documentation of such vessel. The Coast Guard District or Station Commander shall record mortgages delivered to him, in the order of their reception, in books to be kept for that purpose and indexed to show— The name of the vessel; The names of the parties to the mortgage; The time and date of reception of the instrument; The interest in the vessel so mortgaged; The amount and date of maturity of the mortgage; Name, citizenship, nationality and residence of owner; and Any material change of condition in respect to any of the preceding items. A copy of the instrument or mortgage shall be furnished the Central Bank of the Philippines.