46 USC 53711: Security interest

46 USC 53711: Security interest Text contains those laws in effect on January 8, 2008

From Title 46-SHIPPINGSubtitle V-Merchant MarinePart C-Financial Assistance ProgramsCHAPTER 537-LOANS AND GUARANTEESSUBCHAPTER I-GENERAL

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§53711. Security interest

(a) In General.-The Secretary may guarantee an obligation under this chapter only if the obligor conveys or agrees to convey to the Secretary a security interest the Secretary considers necessary to protect the interest of the United States Government.

(b) Multiple Vessels and Types of Security.-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 may require such payments of principal prior to maturity, with respect to all related obligations, as the Secretary considers necessary to maintain adequate security for the guarantee.

( 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 .)

Amendments Not Shown in Text

This section was derived from sections 1273(b) and 1274(c)(1) (1st sentence) and (2) of the former Appendix to this title, which were amended by Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), (D), Jan. 6, 2006, 119 Stat. 3555 . For applicability of those amendments to this section, see section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. Those provisions of the former Appendix to this title were amended by striking "Secretary" each place it appears and inserting "Secretary or Administrator".

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
53711(a)	46 App.:1273(b).	June 29, 1936, ch. 858, title XI, §1103(b), as added June 23, 1938, ch. 600, §46, 52 Stat. 969 ; Aug. 15, 1953, ch. 513, §1, 67 Stat. 626 ; Sept. 3, 1954, ch. 1265, §3, 68 Stat. 1268 ; June 25, 1956, ch. 438, 70 Stat. 332 ; Aug. 7, 1956, ch. 1026, §1(a), (c), (d), 70 Stat. 1087 ; Pub. L. 91–469, §30, Oct. 21, 1970, 84 Stat. 1035 ; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 910 ; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166 .
53711(b)	46 App.:1274(c)(1) (1st sentence), (2).	June 29, 1936, ch. 858, title XI, §1104A(c)(1) (1st sentence), (2) [§1104A formerly §1104], as added June 23, 1938, ch. 600, §46, 52 Stat. 970 ; Aug. 4, 1939, ch. 417, §14, 53 Stat. 1187 ; Sept. 28, 1950, ch. 1093, §4, 64 Stat. 1078 ; Aug. 15, 1953, ch. 513, §2, 67 Stat. 626 ; Sept. 3, 1954, ch. 1265, §4, 68 Stat. 1269 ; Pub. L. 86–123, §§1(3), 2, July 31, 1959, 73 Stat. 269 , 271; Pub. L. 86–127, §1(3), (4), July 31, 1959, 73 Stat. 273 ; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216 ; Pub. L. 86–685, §§2, 3, Sept. 2, 1960, 74 Stat. 733 ; Pub. L. 90–341, June 15, 1968, 82 Stat. 180 ; Pub. L. 91–469, §§31, 32, Oct. 21, 1970, 84 Stat. 1035 ; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 912 ; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166 ; §1104 renumbered as §1104A, Pub. L. 101–380, title IV, §4115(f)(1), Aug. 18, 1990, 104 Stat. 521 .

In subsection (a), the words "a security interest the Secretary considers necessary" are substituted for "such security interest, which may include a mortgage or mortgages on a vessel or vessels, as the Secretary may reasonably require" to eliminate unnecessary words.