Where a preferential right arises, pursuant to the provisions of the law relating to bankruptcy, in respect of a ship in the possession of—
(a) a ship builder, in order to secure claims for the building of the ship; or
(b) a ship repairer, in order to secure claims for the repair of the ship, effected during such possession,
such rights shall be postponed to all the maritime liens set out in section 76 but may take precedence over any mortgage or other preferential right registered under this Part so long as the ship is in the possession of the ship builder or ship repairer, as the case may be.