Definition

46 U.S.C. § 56501
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
In this chapter, the term “essential vessel” means a vessel that is— (1)(A) security for a mortgage indebtedness to the United States Government; or (B) constructed under this subtitle or required by a contract under this subtitle to be operated on a certain essential foreign trade route; and (2) necessary in the interests of commerce and national defense to be maintained in condition for prompt use.

Starting a business? Corpus forms LLCs in all 50 states and DC.