--- kind: "section" citation: "46 U.S.C. § 53711" title: "46" title_heading: "Shipping" number: "53711" heading: "Security interest" release: "119-102" date: "2026-07-12" url: "https://uscodex.org/usc/46/53711" units: - "Subtitle V — Merchant Marine" - "Part C — Financial Assistance Programs" - "Chapter 537 — Loans and Guarantees" - "Subchapter I — General" --- # §53711. Security interest - (a) **In General.—** The [Secretary](/usc/46/53101.md?p=8) or [Administrator](/usc/46/53701.md?p=2) may guarantee an [obligation](/usc/46/53701.md?p=9) under this chapter only if the [obligor](/usc/46/53701.md?p=11) conveys or agrees to convey to the [Secretary](/usc/46/53101.md?p=8) or [Administrator](/usc/46/53701.md?p=2) a security interest the [Secretary](/usc/46/53101.md?p=8) or [Administrator](/usc/46/53701.md?p=2) considers necessary to protect the interest of the [United States](/usc/46/53101.md?p=10) Government. - (b) **Multiple Vessels and Types of Security.—** The security interest may relate to more than one [vessel](/usc/46/53501.md?p=9) and may consist of more than one type of security. If the security interest relates to more than one [vessel](/usc/46/53501.md?p=9), the [obligation](/usc/46/53701.md?p=9) may have the latest maturity date allowable under [section 53710(a)(3) of this title](/usc/46/53710.md?p=a-3) for any of the [vessels](/usc/46/53501.md?p=9) used as security for the guarantee. However, the [Secretary](/usc/46/53101.md?p=8) or [Administrator](/usc/46/53701.md?p=2) may require such payments of principal prior to maturity, with respect to all related [obligations](/usc/46/53701.md?p=9), as the [Secretary](/usc/46/53101.md?p=8) or [Administrator](/usc/46/53701.md?p=2) considers necessary to maintain adequate security for the guarantee. ## Source credit (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1612; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(C), (D), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, § 3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.) ## Notes | Historical and Revision Notes | | | | --- | --- | --- | | Revised
Section | Source (U.S. Code) | Source (Statutes at Large) | | 53711(a) | 46 App.:1273(b). | June 29, 1936, ch. 858, title XI, § 1103(b), as added June 23, 1938, ch. 600, § 46, 52 Stat. 969; Aug. 15, 1953, ch. 513, § 1, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 3, 68 Stat. 1268; June 25, 1956, ch. 438, 70 Stat. 332; Aug. 7, 1956, ch. 1026, § 1(a), (c), (d), 70 Stat. 1087; Pub. L. 91–469, § 30, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 910; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166. | | 53711(b) | 46 App.:1274(c)(1) (1st sentence), (2). | June 29, 1936, ch. 858, title XI, § 1104A(c)(1) (1st sentence), (2) [§ 1104A formerly § 1104], as added June 23, 1938, ch. 600, § 46, 52 Stat. 970; Aug. 4, 1939, ch. 417, § 14, 53 Stat. 1187; Sept. 28, 1950, ch. 1093, § 4, 64 Stat. 1078; Aug. 15, 1953, ch. 513, § 2, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 4, 68 Stat. 1269; Pub. L. 86–123, §§ 1(3), 2, July 31, 1959, 73 Stat. 269, 271; Pub. L. 86–127, § 1(3), (4), July 31, 1959, 73 Stat. 273; Pub. L. 86–518, § 1, June 12, 1960, 74 Stat. 216; Pub. L. 86–685, §§ 2, 3, Sept. 2, 1960, 74 Stat. 733; Pub. L. 90–341, June 15, 1968, 82 Stat. 180; Pub. L. 91–469, §§ 31, 32, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 912; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166; § 1104 renumbered as § 1104A, Pub. L. 101–380, title IV, § 4115(f)(1), Aug. 18, 1990, 104 Stat. 521. | In subsection (a), the words “a security interest the Secretary considers necessary” are substituted for “such security interest, which may include a mortgage or mortgages on a vessel or vessels, as the Secretary may reasonably require” to eliminate unnecessary words. ### Editorial Notes ### Amendments 2008—Pub. L. 110–181, § 3522(b), repealed Pub. L. 109–163, § 3507(a)(1)(C), (D). See 2006 Amendment note below. Pub. L. 110–181, § 3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, § 3507(a)(1)(C), (D), into this section by inserting “or Administrator” after “Secretary” wherever appearing. See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. 2006—Pub. L. 109–163, § 3507(a)(1)(C), (D), which directed the amendment of sections 1273(b) and 1274(c) of the former Appendix to this title from which this section was derived in part, was repealed by Pub. L. 110–181, § 3522(b). See 2008 Amendment notes and Historical and Revision notes above.