(1) A registered mortgage of a Saint Lucian ship or a share therein, may be transferred to any person; and the instrument effecting the transfer shall be in the prescribed form.
(2) On production of the instrument effecting the transfer of a mortgage, the Registrar of Ships shall record the transfer by entering in the register book the name of the transferee as mortgagee of the ship or share therein, and shall endorse and sign on the instrument of transfer a memorandum that the transfer has been recorded by him or her, stating the date and time that the transfer was recorded.
(3) The person to whom any registered mortgage has been transferred shall enjoy the same right of preference as was enjoyed by the transferor.