46 USC 31327: Forfeiture of mortgagee interest
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46 USC 31327: Forfeiture of mortgagee interest Text contains those laws in effect on December 21, 2024
From Title 46-SHIPPINGSubtitle III-Maritime LiabilityCHAPTER 313-COMMERCIAL INSTRUMENTS AND MARITIME LIENSSUBCHAPTER II-COMMERCIAL INSTRUMENTS
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§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.

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

Historical and Revision Notes
Revised sectionSource 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 Date

Section 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.