46 CFR 298.16
§ 298.16 Substitution of participants.
United States · 46 CFR — Shipping · Status: effective
Cite this
- Citation
- 46 CFR 298.16, § 298.16 Substitution of participants, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/231945
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292315820d5bb4fd4ba8d5053bdbd0044e9bd29e876172bead59de74c70d633b
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Full text
(a) You may request our permission to substitute participants to a Mortgage and/or Security Agreement in a financing that is receiving assistance authorized by Title XI of the Act.
(b) A non-refundable fee of $3,000 is due, payable at the time of the request. The fee defrays all costs of processing and reviewing a joint application by a mortgagor and/or Obligor and a proposed transferee of a Vessel or Shipyard Project, which is security for Title XI debt, if the proposed transferee is to assume the Mortgage and/or the Security Agreement.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.