
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 46USC31305]

 
                           TITLE 46--SHIPPING
 
                    Subtitle III--Maritime Liability
 
         CHAPTER 313--COMMERCIAL INSTRUMENTS AND MARITIME LIENS
 
                          SUBCHAPTER I--GENERAL
 
Sec. 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, Sec. 102(c), Nov. 23, 1988, 102 Stat. 4741.)

                      Historical and Revision Notes
------------------------------------------------------------------------
          Revised section                Source 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.
