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.
Choose the appropriate Form of Certificate below:
- Federally Chartered Financial Institution
- State Chartered Financial Institution
- Farm Credit Lender
- Commercial Fishing and Agriculture Bank
- Commercial Lender
- Lender Syndicate
- Mortgage Trustee
- U.S. Citizen Mortgagee
