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Dear Member of the Marine Financing committee:
Please let me know of any novel decisions or discussion topics within this subject matter, and I will be happy to add any input or analysis, which may be helpful. An interesting opinion from the EDLA, South Lafourche Bank & Trust, Co., v. M/V NOONIE G, indicates that a ship mortgage, when offered as security for a financed vessel transaction, is encumbered with no requirement under the Ship Mortgage Act to be itself valid under the law of a particular state. Ship mortgage validity is to be determined by the six requirements of Section 31321 of the Ship Mortgage Act.