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57. A registered mortgagee shall have power to dispose of the ship or share in respect of which the mortgagee is registered, in accordance with the terms of the mortgage, and to give receipts for the purchase money, but where there is more than one person registered as mortgagee of the same ship or share, a subsequent registered mortgagee shall not, except under the order of a court of competent jurisdiction, sell the ship or share, without the concurrence of every prior mortgagee.
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