Recreational Vessel Mortgage Recordation Act of 1987

Summary

Recreational Vessel Mortgage Recordation Act of 1987 - Amends Federal shipping provisions to expand the definition of "vessel of the United States" to include a vessel titled under the law of a State as well as a vessel documented or numbered under U.S. law. Removes, from provisions authorizing the Secretary of the Department in which the Coast Guard is operating to designate ports of documentation, provisions concerning the recordation of instruments affecting title to, or interest in, documented vessels. Requires amounts available under provisions relating to State boating safety to be used for purposes which include providing State titling programs which have a method for centrally and uniformly recording maritime commercial instruments and liens. Amends the Ship Mortgage Act, 1920 to declare that a bill of sale, conveyance, mortgage, or manufacturer's statement of origin including a documented or recreational vessel is invalid against any person other than the mortgagor and a person having actual notice, until such document is recorded with the Secretary of Transportation. Applies provisions relating to preferred mortgages to a documented vessel rather than to a vessel of the United States. Changes the requirements for preferred mortgage status. Grants preferred status to a valid mortgage placed on a vessel titled under a recreational vessel uniform titling program and meeting other requirements. Removes from provisions relating to maritime liens or a mortgaged vessel a prohibition of the mortgagor incurring any obligation creating a lien upon the vessel, without the consent of the mortgagee, before the mortgagee has had a reasonable time in which to have endorsements made on the documents of the vessel. Makes provisions relating to transfers of mortgaged vessels and assignment of vessel mortgages applicable to documented vessels rather than to vessels of the United States.

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1 official file

• Introduced in House

  summary · EN · 17 September 1987

  Open at official source

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