2021 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 537 - Loans and Guarantees
Subchapter I - General
Sec. 53711 - Security interest
| 46 U.S.C. § 53711 (2021) | |||||||||
| §53711. Security interest | |||||||||
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(a) In General.—The Secretary or Administrator may guarantee an obligation under this chapter only if the obligor conveys or agrees to convey to the Secretary or Administrator a security interest the Secretary or Administrator considers necessary to protect the interest of the United States Government. (b) Multiple Vessels and Types of Security.—The security interest may relate to more than one vessel and may consist of more than one type of security. If the security interest relates to more than one vessel, the obligation may have the latest maturity date allowable under section 53710(a)(3) of this title for any of the vessels used as security for the guarantee. However, the Secretary or Administrator may require such payments of principal prior to maturity, with respect to all related obligations, as the Secretary or Administrator considers necessary to maintain adequate security for the guarantee. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1612; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), (D), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.) |
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In subsection (a), the words "a security interest the Secretary considers necessary" are substituted for "such security interest, which may include a mortgage or mortgages on a vessel or vessels, as the Secretary may reasonably require" to eliminate unnecessary words. EDITORIAL NOTES AMENDMENTS 2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C), (D). See 2006 Amendment note below. Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(C), (D), into this section by inserting "or Administrator" after "Secretary" wherever appearing. See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. 2006—Pub. L. 109–163, §3507(a)(1)(C), (D), which directed the amendment of sections 1273(b) and 1274(c) of the former Appendix to this title from which this section was derived in part, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment notes and Historical and Revision notes above. |
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| United States Code, 2018 Edition, Supplement 3, Title 46 - SHIPPING | |||||||||
| Bills and Statutes | |||||||||
| United States Code | |||||||||
| Y 1.2/5: | |||||||||
| Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 537 - LOANS AND GUARANTEES SUBCHAPTER I - GENERAL Sec. 53711 - Security interest |
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| section 53711 | |||||||||
| 2021 | |||||||||
| January 3, 2022 | |||||||||
| Yes | |||||||||
| standard | |||||||||
| 52 Stat. 969, 970 53 Stat. 1187 64 Stat. 1078 67 Stat. 626 68 Stat. 1268, 1269 70 Stat. 332, 1087 73 Stat. 269, 273 74 Stat. 216, 733 82 Stat. 180 84 Stat. 1035 86 Stat. 910, 912 95 Stat. 166 104 Stat. 521 119 Stat. 3555 120 Stat. 1612 122 Stat. 598 |
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| Public Law 86-123, Public Law 86-127, Public Law 86-518, Public Law 86-685, Public Law 90-341, Public Law 91-469, Public Law 92-507, Public Law 97-31, Public Law 101-380, Public Law 109-163, Public Law 109-304, Public Law 110-181 |
