Contents
- (a) A preferred mortgage is a mortgage, whenever made, that—8 changes
- (b) Any indebtedness secured by a preferred mortgage that is f…1 change
- (c)
- (d) 5 changes
- (e) If a vessel is already covered by a preferred mortgage whe…1 change
- (f) 1 change
- (g) For purposes of this section a “commercial lender” means a…
- (h) For purposes of this section a “lender syndicate” means an…
(a)A preferred mortgage is a mortgage, whenever made, that—
(1)includes the whole of the vessel;
(2)is filed in substantial compliance with section 31321 of this title;
(3)
(A)covers a documented vessel; or
(B)covers a vessel for which an application for documentation is filed that is in substantial compliance with the requirements of chapter 121 of this title and the regulations prescribed under that chapter; and
(4)with respect to a vessel with a fishery endorsement that is 100 feet or greater in registered length, has as the mortgagee—
(A)a person eligible to own a vessel with a fishery endorsement under section 12113(c) of this title;
(B)a State or federally chartered financial institution that is insured by the Federal Deposit Insurance Corporation;
(C)a farm credit lender established under title 12, chapter 23 of the United States Code;
(D)a commercial fishing and agriculture bank established pursuant to State law;
(E)a commercial lender organized under the laws of the United States or of a State and eligible to own a vessel for purposes of documentation under section 12103 of this title; or
(F)a mortgage trustee under subsection (f) of this section.
United States Government work; public domain under 17 U.S.C. § 105.