§ 187.301 - Certification for preferred mortgage status - Eligibility requirements.

§ 187.301 What are the eligibility requirements for certification of a State titling system to confer Certification for preferred mortgage status ?- Eligibility requirements.

The Commandant, under 46 U.S.C. 31322(d)(1)(A) and § 187.13, may will certify a State whose vessel titling system that meets the requirements of this subpart as complying with the guidelines for vessel titling systems. This certification is for the purpose of conferring preferred mortgage status on a mortgage, instrument, or agreement granting a security interest perfected under State law, covering the whole of a vessel titled in that State. eligible to have security interests that are perfected under its law deemed preferred mortgages under 46 U.S.C. 31322. The State must also comply with the VIS participation requirements of § 187.11 and subpart C of this part and make vessel information it collects available to the VIS.