Page:United States Statutes at Large Volume 112 Part 5.djvu/667

 PUBLIC LAW 105-383—NOV. 13, 1998 112 STAT. 3425 "(b) The Secretary may approve the surrender under subsection (a) of a certificate of title for a vessel covered by a preferred mortgage under section 31322(d) of this title only if the mortgagee consents.". (b) CONFORMING AMENDMENT.— The chapter analysis for chapter 121 of title 46, United States Code, is amended by adding at the end the following: "12124. Surrender of title and number.". (c) OTHER AMENDMENTS.—Title 46, United States Code, is amended— (1) by striking section 31322(b) and inserting the following: "(b) Any indebtedness secured by a preferred mortgage that is filed or recorded under this chapter, or that is subject to a mortgage, security agreement, or instruments granting a security interest that is deemed to be a preferred mortgage under subsection (d) of this section, may have any rate of interest to which the parties agree."; (2) by striking "mortgage or instrument" each place it appears in section 31322(d)(1) and inserting "mortgage, security agreement, or instrument"; (3) by striking section 31322(d)(3) and inserting the following: "(3) A preferred mortgage under this subsection continues to be a preferred mortgage even if the vessel is no longer titled in the State where the mortgage, security agreement, or instrument granting a security interest became a preferred mortgage under this subsection."; (4) by striking "mortgages or instruments" in subsection 31322(d)(2) and inserting "mortgages, security agreements, or instruments"; (5) by inserting "a vessel titled in a State," in section 31325(b)(1) after "a vessel to be documented under chapter 121 of this title,"; (6) by inserting "a vessel titled in a State," in section 31325(b)(3) after "a vessel for which an application for documentation is filed under chapter 121 of this title,"; and (7) by inserting "a vessel titled in a State," in section 31325(c) after "a vessel to be documented under chapter 121 of this title,". SEC. 402. CONVEYANCE OF COAST GUARD RESERVE TRAINING FACILITY, JACKSONVILLE, FLORIDA. (a) IN GENERAL. —Notwithstanding any other provision of law— (1) the land and improvements thereto comprising the Coast Guard Reserve training facility in Jacksonville, Florida, is deemed to be surplus property; and (2) the Commandant of the Coast Guard shall dispose of all right, title, and interest of the United States in and to that property, by sale, at fair market value. (b) RIGHT OF FIRST REFUSAL. —Before a sale is made under subsection (a) to any other person, the Commandant of the Coast Guard shall give to the city of Jacksonville, Florida, the right of first refusal to purchase all or any part of the property required to be sold under that subsection.

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