§67.36. Trust.
46 C.F.R. § 67.36
For the purpose of obtaining a registry or recreational endorsement, a trust arrangement meets citizenship requirements if:
Each of its trustees is a citizen; and
Each beneficiary with an enforceable interest in the trust is a citizen.
For the purpose of obtaining a fishery endorsement, a trust arrangement meets citizenship requirements if:
It meets all the requirements of paragraph (a) of this section; and
At least 75 percent of the equity interest in the trust, at each tier of the trust and in the aggregate, is owned by citizens.
For the purpose of obtaining a coastwise endorsement a trust arrangement meets citizenship requirements if:
It meets the requirements of paragraph (a) of this section and at least 75 percent of the equity interest in the trust is owned by citizens; or
Notes, amendments, and revision history
Amendments
[CGD 94-008, 59 FR 49846, Sept. 30, 1994, as amended by USCG-1999-6095, 65 FR 76576, Dec. 7, 2000; USCG-2001-8825, 69 FR 5401, Feb. 4, 2004; USCG-2005-20258, 71 FR 61417, Oct. 18, 2006; USCG-2009-0702, 74 FR 49230, Sept. 25, 2009]
Authority
Authority: 14 U.S.C. 664; 31 U.S.C. 9701; 42 U.S.C. 9118; 46 U.S.C. 2103, 2104, 2107, 12102, 12103, 12104, 12105, 12106, 12113, 12133, 12139; DHS Delegation 00170.1, Revision No. 01.4.
Source
Source: CGD 89-007, CGD 89-007a, 58 FR 60266, Nov. 15, 1993, unless otherwise noted.
Amendments
[CGD 94-008, 59 FR 49846, Sept. 30, 1994, as amended by USCG-1999-6095, 65 FR 76576, Dec. 7, 2000; USCG-2001-8825, 69 FR 5401, Feb. 4, 2004; USCG-2005-20258, 71 FR 61417, Oct. 18, 2006; USCG-2009-0702, 74 FR 49230, Sept. 25, 2009]