Priority of Mortgages
14.
(1)
Subject to the following provisions of this article, a mortgage of an aircraft entered in the Register shall have priority over any other mortgage of or charge on that aircraft, other than another mortgage entered in the Register:
provided that mortgages made before 1st October 1972, whether entered in the Register or not, shall up to and including 31st December 1972 have the same priority as they would have had if this Order had not been made.
(2)
Subject to the following provisions of this article, where two or more mortgages of an aircraft are entered in the Register, those mortgages shall as between themselves have priority according to the times at which they were respectively entered in the Register:
Provided that:
(i)
mortgages of an aircraft made before 1st October 1972 which are entered in the Register before 31st December 1972 shall have priority over any mortgages of that aircraft made on or after 1st October 1972 and shall as between themselves have the same priority as they would have had if this Order had not been made;
(ii)
without prejudice to proviso (i), where a priority notice has been entered in the Register and the contemplated mortgage referred to therein is made and entered in the Register within 14 days thereafter that mortgage shall be deemed to have priority from the time when the priority notice was registered.
(3)
In reckoning the period of 14 days under the preceding paragraph of this article, there shall be excluded any day which the Authority has by notice in its Official Record specified as a day on which its office is not open for registration of mortgages.
(4)
The priorities provided for by the preceding provisions of this article shall have effect notwithstanding any express, implied or constructive notice affecting the mortgagee.
(5)
Nothing in this article shall be construed as giving a registered mortgage any priority over any possessory lien in respect of work done on the aircraft (whether before or after the creation or registration of the mortgage) on the express or implied authority of any persons lawfully entitled to possession of the aircraft or over any right to detain the aircraft under any Act of Parliament.