46 U.S.C. § 31327

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 31327 - Forfeiture of mortgagee interest

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

Pub. L. 100-710, title I, §102(c), Nov. 23, 1988, 102 Stat. 4746.

HISTORICAL AND REVISION NOTES
Revised section	Source section (U.S. Code)
31327	46:961(b)

Section 31327 provides for forfeiture of the mortgagee's interest if the mortgagee authorized, consented, or conspired to do the act, failure, or omission that is the basis of the violation that caused forfeiture of the vessel. This section makes no substantive change to law.

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;