Preferred Mortgage
(t) Preferred Mortgage means a mortgage on a Fishing Industry Vessel that has as the Mortgagee: (1) A person eligible to own a vessel with a fishery endorsement under 46 U.S.C. 12113(c); (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. 2001 et seq.]; (4) A commercial fishing and agriculture 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. 12103; or (6) A Mortgage Trustee that complies with the requirements of 46 U.S.C. 31322(f) and 46 CFR 356.27 through 356.31.