[Code of Federal Regulations]
[Title 46, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 46CFR67.21]

[Page 346-347]
 
                           TITLE 46--SHIPPING
 
   CHAPTER I--COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED)
 
PART 67_DOCUMENTATION OF VESSELS--Table of Contents
 
  Subpart B_Forms of Documentation; Endorsements; Eligibility of Vessel
 
Sec. 67.21  Fishery endorsement.

    (a) A fishery endorsement entitles a vessel to employment in the 
fisheries as defined in Sec. 67.3, subject to Federal and State laws 
regulating the fisheries, and in any other employment for which a 
registry, coastwise, or Great Lakes endorsement is not required. A 
fishery endorsement entitles a vessel to land its catch, wherever 
caught, in the United States.
    (b) If eligible for documentation and not restricted from the 
fisheries by paragraph (c) of this section, the following vessels are 
eligible for a fishery endorsement:
    (1) Vessels built in the United States (Sec. 67.97);
    (2) Forfeited vessels (Sec. 67.131);
    (3) Vessels granted fisheries privileges by special 
legislation(Sec. 67.132);
    (4) Wrecked vessels (Sec. 67.133); and
    (5) Captured vessels (Sec. 67.134).
    (c) A vessel otherwise eligible for a fishery endorsement under 
paragraph (b) of this section permanently loses that eligibility if it 
undergoes rebuilding as defined in Sec. 67.177 outside of the United 
States.
    (d) A vessel otherwise eligible for a fishery endorsement under 
paragraph (b) of this section loses that eligibility during any period 
in which it is:
    (1) Owned by a partnership which does not meet the requisite 
citizenship requirements of Sec. 67.35(b);
    (2) Owned by a corporation which does not meet the citizenship 
requirements of Sec. 67.39(b); or
    (3) Chartered or leased to an individual who is not a citizen of the 
United States or to an entity that is not eligible to own a vessel with 
a fishery endorsement, except that time charters, voyage charters and 
other charters that are not a demise of the vessel may be entered into 
with Non-Citizens for the charter of dedicated Fish Tender Vessels and 
Fish Processing Vessels that are not engaged in the harvesting of fish 
or fishery resources without the vessel losing its eligibility for a 
fishery endorsement.
    (e) A vessel operating with a fishery endorsement on October 1, 
1998, under the authority of the Western Pacific Fishery Management 
Council, or a purse seine vessel engaged in tuna fishing outside of the 
EEZ of the United States or pursuant to the South Pacific Regional 
Fisheries Treaty may continue to operate as set out in 46 U.S.C. 
12102(c)(5), provided that the owner of the vessel continues to comply 
with the fishery endorsement requirements that were in effect on October 
1, 1998.
    (f) An individual or entity that is otherwise eligible to own a 
vessel with a fishery endorsement shall be ineligible if an instrument 
or evidence of indebtedness, secured by a mortgage of the vessel, to a 
trustee eligible to own a vessel with a fishery endorsement is issued, 
assigned, transferred, or held in trust for a person not eligible to own 
a vessel with a fishery endorsement, unless the Commandant determines 
that the issuance, assignment, transfer, or trust arrangement does not 
result in an impermissible transfer of control of the vessel and that 
the trustee:
    (1) Is organized as a corporation that meets Sec. 67.39(b) of this 
part, and is doing business under the laws of the United States or of a 
State;
    (2) Is authorized under those laws to exercise corporate trust 
powers which meet Sec. 67.36(b) of this part;
    (3) Is subject to supervision or examination by an official of the 
United States Government or a State;
    (4) Has a combined capital and surplus (as stated in its most recent 
published report of condition) of at least $3,000,000; and
    (5) Meets any other requirements prescribed by the Commandant.
    For vessels greater than or equal to 100 feet in length, approval of 
such an arrangement from the Maritime Administration will be accepted as 
evidence that the above conditions are met and will be approved by the 
Commandant. For vessels less than 100 feet,

[[Page 347]]

a standard loan and mortgage agreement that has received general 
approval under 46 CFR 356.21 will be accepted as evidence that the above 
conditions are met and will be approved by the Commandant.

[CGD 89-007, CGD 89-007A, 58 FR 60266, Nov. 15, 1993, as amended by CGD 
94-040, 61 FR 17815, Apr. 22, 1996; USCG-1999-6095, 65 FR 76575, Dec. 7, 
2000]