The paper analyzes the transfer basis of the ownership of a ship and the legal effect of the registration and the judgement standard of the bona fide third party in accordance with the Real Right Law of the People`s Republic of China,then makes a conclusion that the ownership of a ship had public confidence force to a third party and had probative force to the infringer(s).

To company,shareholders definition and against bona fide third party should be in accordance with the roster of shareholders.

The company s inside restrictions to the rights of board of directors shall not oppose to the bona fide third party.

However, the abuse of the exception rule would shock the benefit of third party acting in good faith in LC business, which is the reason the exemption of the exception rule of fraud on LC come into being.

How to guarantee the safety of the Real Right trade and how to protect the third people acting in good faith are important lessons in Real right lawmaking in our country.