(1) Every registered mortgagee shall, subject to subsection (2), have power—
(a) absolutely to dispose of the ship or share in respect of which he or she is registered; and
(b) to give effectual receipts for the purchase money.
(2) If there is more than one person registered as mortgagee of the same ship or share therein, a subsequent mortgagee shall not, except under the order of the High Court, sell the ship or share without the concurrence of every prior mortgagee.
(3) Despite the provisions of any other law, every registered mortgagee shall be entitled to enforce his or her mortgage by an action in rem in Admiralty whenever any sum secured by the mortgage is unpaid when due, or otherwise in accordance with the terms of any deed or instrument collateral to the mortgage.
(4) A registered mortgagee of a Saint Lucian ship shall not without first obtaining an order from the High Court, dispose of the ship or any share therein in respect of which he or she is registered to give receipts for the purchase money.