Section 39

A registered mortgage of a ship or share shall not be affected by any act of bankruptcy committed by the mort-gagor after the date of the record of the mortgage, notwith-standing that the mortgagor at the commencement of his bankruptcy had a ship or share in his possession, order or disposition, or was reputed owner thereof, and the mort-gage shall be preferred to any right, claim or interest therein of the other creditors of the bankrupt or any trustee or assignee on their behalf on board a ship or share.