25.—(1) 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 (called in this Part a mortgage) must be in the prescribed form or as near thereto as circumstances permit, and on production of that instrument the Registrar must record it in the register.
(2) Mortgages must be recorded by the Registrar in the order in time in which they are produced to him or her for that purpose, and the Registrar must endorse and sign a memorandum on each mortgage stating the date and time of that record.
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