Requirements to Hold a Preferred Mortgage

46 CFR Sec. 356.19

(a) In order for a Mortgagee to be eligible to obtain a Preferred Mortgage on a Fishing Industry Vessel after April 1, 2003, it must be:

(1) A citizen of the United States

(2) A state or federally chartered financial institution that is insured by the Federal Deposit Insurance Corporation;

(3) A farm credit lender established under title 12, chapter 23, of the United States Code (12 U.S.C. Sections 2001 et seq.);

(4) A commercial fishing and agricultural bank established pursuant to State law;

(5) A commercial lender organized under the laws of the United States or of a State and eligible to own a vessel under 46 U.S.C. Sec. 12113(c); or

(6) A Mortgage Trustee that complies with the requirements of 46 U.S.C. Sec. 31322(f) and 46 C.F.R. Sections 356.27-356-31.


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