The interest of a mortgagee in a documented vessel or a vessel covered by a preferred mortgage under section 31322(d) of this title may be terminated by a forfeiture of the vessel for a violation of a law of the United States only if the mortgagee authorized, consented, or conspired to do the act, failure, or omission that is the basis of the violation.
46 U.S.C. § 31327
HISTORICAL AND REVISION NOTES | |
Revised section | Source section (U.S. Code) |
31327 | 46:961(b) |
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective Jan. 1, 1989, with certain exceptions and qualifications, see section 107 of Pub. L. 100-710 set out as a note under section 31301 of this title.
- mortgagee
- "mortgagee" means-(A) a person to whom property is mortgaged; or(B) when a mortgage on a vessel involves a trust, the trustee that is designated in the trust agreement;