A bill relating to the guarantee of obligations under title XI of the Merchant Marine Act of 1936 for fishing vessels or fishery facilities.

Summary

Amends the Merchant Marine Act, 1936 to decrease the maximum amount of obligations guaranteed by the Secretary of Commerce under such Act for fishing vessels or fishery facilities from 87 1/2 to 80 percent of the actual or depreciated cost of such vessel or facility. Authorizes the Secretary to fix a fee for the guarantee under such Act of any obligation that relates to a fishing vessel or fishery facility. Provides for the determination of the amount of such fee. Revises provisions concerning the default procedure on obligations covering fishing vessels or fishery facilities to either: (1) require the Secretary to pay promptly (no later than 30 days from the date of demand) to the obligee or his agent the unpaid principal amount of the obligation and unpaid interest owed; or (2) authorize the Secretary to pay promptly (on the date specified in the obligation) to the obligee or his agent only the amount required under the repayment terms and conditions until such time as the Secretary has foreclosed or otherwise disposed of the collateral securing the obligation, at which time the Secretary will be required to pay all remaining amounts due on such obligation. Provides that payment shall not be required if the Secretary finds that: (1) there was no default by the obligor; or (2) that default was remedied before payment was demanded.

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Documents

2 official files

• Reported to House with amendment(s)

  summary · EN · 15 October 1986

  Open at official source

• Introduced in House

  summary · EN · 24 July 1986

  Open at official source

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