(a) A mortgage presented for filing and recording must:
(1) Be signed by or on behalf of each mortgagor; and
(2) Recite the following:
(i) The name and address of each mortgagor and the interest in the vessel held by the mortgagor(s);
(ii) The name and address of each mortgagee and the interest in the vessel granted by the mortgage; and
(iii) The amount of the direct or contingent obligations that is or may become secured by the mortgage, excluding interest, expenses, and fees. The amount may be recited in one or more units of account as agreed to by the parties.
(b) A mortgage submitted for filing and recording as a preferred mortgage must cover the whole of a vessel.
(c) A mortgage which secures more than one vessel may, at the option of the parties, provide for separate discharge of such vessels.
Title 46 published on 2013-10-01
The following are only the Rules published in the Federal Register after the published date of Title 46.
For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.