46 U.S.C. § 31323 — Disclosing and incurring obligations before executing preferred mortgages
submitted 38 years ago by Pub. L. 100-710 to r/title-46-SHIPPING · 145 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
On request of the mortgagee and before executing a preferred mortgage, the mortgagor shall disclose in writing to the mortgagee the existence of any obligation known to the mortgagor on the vessel* to be mortgaged.
After executing a preferred mortgage and before the mortgagee has had a reasonable time to file the mortgage, the mortgagor may not incur, without the consent of the mortgagee, any contractual obligation establishing a lien on the vessel except a lien for—
wages of a stevedore when employed directly by a person listed in section 31341 of this title;
wages for the crew of the vessel;
general average; or
salvage, including contract salvage.
On conviction of a mortgagor under section 31330(a)(1)(A) or (B) of this title for violating this section, the mortgage indebtedness, at the option of the mortgagee, is payable immediately.
Source credit: (Pub. L. 100–710, title I, § 102(c), Nov. 23, 1988, 102 Stat. 4744.)
- 1988Enacted · Pub. L. 100-710 · 102 Stat. 4744
A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-710 on 1988-11-23.
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