Section 25 Vessels Documented With Coast Guard

• Library: Secured Transactions 2005

A lender that desires to take a security interest in a vessel must determine whether the vessel is documented with the Coast Guard (a “documented vessel”) or a vessel for which an application for documentation is filed. 46 U.S.C. § 12102. If so, any conveyance, mortgage, assignment, or related instrument must be filed with the Coast Guard to be valid as to any third party without actual notice of the transaction. 46 U.S.C. § 31321(a). The requirements for perfection under federal law are acknowledged by...