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Subject to section 74(5) and (6) the maritime liens set out in section 66 shall take priority over registered mortgages which comply with the following conditions;

(a) the mortgages have been effected and registered in accordance with the laws of the country in which the vessel is registered;

(b) the register and any instruments required to be deposited with the Registrar in accordance with the law of the country in which the vessel is registered is open to public inspection and extracts from the register and copies of any such instruments can be obtained from the Registrar;

(c) where the register or any instrument referred to in paragraph (b) specifies at least the name and address of the person in whose favour the mortgage has been effected or that it has been issued to the bearer and the maximum amount secured, if that is the requirement of the law of the country of registration;

(d) the maximum amount secured is specified in the instrument creating the mortgage and the date and other particulars which, according to the law of the country of registration, determine the ranking in relation to other registered mortgages are stated.