46 U.S.C. § 53711 — Security interest
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 145 words · no verdicts yet
The Secretary or Administrator can only guarantee an obligation if the obligor provides an adequate security interest, which may cover more than one vessel and more than one type of collateral. When multiple vessels secure one obligation, its maturity date may match the latest allowed for any of them, though earlier payments can be required to protect the security.
(a) In General. The Secretary* or Administrator* may only guarantee an obligation* if the obligor* gives, or agrees to give, a security interest that the Secretary or Administrator decides is needed to protect the government's interest.
(b) Multiple Vessels and Types of Security. That security interest can cover more than one vessel* and more than one type of security. If it covers more than one vessel, the obligation may use the latest maturity date allowed under section 53710(a)(3) for any of those vessels. But the Secretary or Administrator may require earlier principal payments across all related obligations if needed to keep the security adequate.
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.
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.
Source credit: (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.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1612
- 2006Amended · Pub. L. 109-163 · 119 Stat. 3555
- 2008Amended · Pub. L. 110-181 · 122 Stat. 598
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
all 0 arguments · sorted by: best
no arguments yet — make the first case