preferred mortgage
Defined in 2 dictionaries — Case Law, U.S. Code
Definitions from Case Law
From 271 U.S. 552 - Morse Dry Dock Repair Co v. The Northern Star · 1926Most cited · 157 citing opinions
[A] valid mortgage which shall in addition have, in respect to such vessel and as of the date of the compliance with all the provisions of this subdivision, the preferred status given by the provisions of subsection M, if-(1) the mortgage is indorsed upon the vessel's documents in accordance with the provisions of this section.
United States Code
46 U.S.C. § 31301 — in this chapter (2 versions over time)
“preferred mortgage”—
(A) means a mortgage that is a preferred mortgage under section 31322 of this title; and
(B) also means in sections 31325 and 31326 of this title, a mortgage, hypothecation, or similar charge that is established as a security on a foreign vessel if the mortgage, hypothecation, or similar charge was executed under the laws of the foreign country under whose laws the ownership of the vessel is documented and has been registered under those laws in a public register at the port of registry of the vessel or at a central office; and