§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.
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| 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 Date
Section effective Jan. 1, 1989, with certain exceptions and qualifications, see section 107 of