Waiver of lien rights

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition Title 46 - SHIPPING Subtitle III - Maritime Liability CHAPTER 313 - COMMERCIAL INSTRUMENTS AND MARITIME LIENS SUBCHAPTER I - GENERAL Sec. 31305 - Waiver of lien rights From the U.S. Government Publishing Office, www.gpo.gov

§31305. Waiver of lien rights

This chapter does not prevent a mortgagee or other lien holder from waiving or subordinating at any time by agreement or otherwise the lien holder's right to a lien, the priority or, if a preferred mortgage lien, the preferred status of the lien.

(Pub. L. 100–710, title I, §102(c), Nov. 23, 1988, 102 Stat. 4741.)

Historical and Revision Notes Revised sectionSource section (U.S. Code)

31305 46:974

Section 31305 provides for the waiver of lien rights by the mortgagee or a person performing or supplying necessaries. This section makes no substantive change to law and is included only because of a like provision in current law. Without this provision the Committee believes these waivers would be permissible as a matter of law as they do not violate any public policy and on their face reflect an arms length transaction between the parties. The inclusion of this provision should not raise the implication that a similar provision is required for other matters that may be waivable as a matter of law.

house floor statement Section 31305 has been changed to clarify that the chapter does not prevent a mortgagee or other lien holder from waiving by contract the right to a lien, or the priority of that lien.

Statutory Notes and Related Subsidiaries

Effective Date Section effective Jan. 1, 1989, with certain exceptions and qualifications, see section 107 of Pub. L. 100–710, set out as a note under section 31301 of this title.