8.01 The establishment of the order of priority or the ranking of claims against the fund generated by the sale of the ship or other property by the Admiralty Marshal at the conclusion of Admiralty proceedings is one of the most important features of the Admiralty jurisdiction. The ranking of claims is necessary, or at least of greatest practical importance, where the fund is insufficient to meet all the judgments obtained against the ship. Whilst the Admiralty jurisdiction itself is governed by statute, the law as to the establishment of priorities is not.1 The...
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