46 USC 56102 – Additional controls during war or national emergency
(a)
(1) place under foreign registry a vessel owned in whole or in part by a citizen of the United States or a corporation incorporated under the laws of the United States or of a State;
(2) sell, mortgage, lease, charter, deliver, or in any other manner transfer, or agree to sell, mortgage, lease, charter, deliver, or in any other manner transfer, to a person not a citizen of the United States—
(A) a vessel owned as described in paragraph (1), or an interest therein;
(B) a vessel documented under the laws of the United States, or an interest therein; or
(C) a facility for building or repairing vessels, or an interest therein;
(3) issue, assign, or transfer to a person not a citizen of the United States an instrument of indebtedness secured by a mortgage of a vessel to a trustee, by an assignment of an owner’s interest in a vessel under construction to a trustee, or by a mortgage of a facility for building or repairing vessels to a trustee, unless the trustee or a substitute trustee is approved by the Secretary under subsection (b);
(4) enter into an agreement or understanding to construct a vessel in the United States for, or to be delivered to, a person not a citizen of the United States without expressly stipulating that construction will not begin until after the war or national emergency has ended;
(5) enter into an agreement or understanding whereby there is vested in, or for the benefit of, a person not a citizen of the United States the controlling interest in a corporation that is incorporated under the laws of the United States or a State and that owns a vessel or facility for building or repairing vessels; or
(6) cause or procure a vessel, constructed in whole or in part in the United States and never cleared for a foreign port, to depart from a port of the United States before it has been documented under the laws of the United States.
Terms Used In 46 USC 56102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
- Trustee: A person or institution holding and administering property in trust.
- vessel: includes every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water. See 1 USC 3
(b)
(1)
(A) is organized as a corporation, and is doing business, under the laws of the United States or a State;
(B) is authorized under those laws to exercise corporate trust powers;
(C) is a citizen of the United States;
(D) is subject to supervision or examination by Federal or State authority; and
(E) has a combined capital and surplus (as set forth in its most recent published report of condition) of at least $3,000,000.
(2)
(3)
(c)
(d)
(1)
(2)
(e)
(1)
(2)
(A) A vessel, a facility for building or repairing vessels, or an interest in a vessel or such a facility, that is sold, mortgaged, leased, chartered, delivered, transferred, or documented, or agreed to be sold, mortgaged, leased, chartered, delivered, transferred, or documented, in violation of this section.
(B) Stock and other securities sold or transferred, or agreed to be sold or transferred, in violation of this section.
(C) A vessel departing in violation of subsection (a)(6).