46 C.F.R. § 356.31 Maintenance of Mortgage Trustee approval.
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(a) A Mortgage Trustee that holds a Preferred Mortgage on a Fishing Industry Vessel must submit the following information to the Citizenship Approval Officer during each calendar year that it is acting as a Mortgage Trustee: (1) The appropriate certification and documentation required under §356.19(b)(1) through (b)(5) to demonstrate that it is qualified to hold a Preferred Mortgage on Fishing Industry Vessels; (2) A copy of the most recent published report of condition of the Mortgage Trustee; (3) A list of the Fishing Industry Vessels for which it is acting as Mortgage Trustee; and (4) The identity and address of all beneficiaries for which it is acting as a Mortgage Trustee. (b) The Mortgage Trustee must file the documents required in paragraph (a) of this section within 30 calendar days prior to the anniversary date of the original approval from the Citizenship Approval Officer. (c) If at any time the Mortgage Trustee fails to meet the statutory requirements set forth in the AFA, the Mortgage Trustee must notify the Citizenship Approval Officer of such failure to qualify as a Mortgage Trustee not later than 20 calendar days after the event causing such failure. Upon learning that a Mortgage Trustee fails to meet the statutory or regulatory requirements to qualify as a Mortgage Trustee, we will publish a disapproval notice in the [68 FR 5582, Feb. 4, 2003]
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PART 356—REQUIREMENTS FOR VESSELS OF 100 FEET OR GREATER IN REGISTERED LENGTH TO OBTAIN A FISHERY ENDORSEMENT TO THE VESSEL'S DOCUMENTATION
Subpart E—Mortgage Trustees
§ 356.31 Maintenance of Mortgage Trustee approval.