46 CFR §356.27

1. (a)A lender who is not qualified under § 356.19(a)(1) through (5) to hold a Preferred Mortgage directly on a Fishing Industry Vessel may use a qualified Mortgage Trustee to hold, for the benefit of the lender, the Preferred Mortgage and the debt instrument for which the Preferred Mortgage is providing security.
2. (b)In order to qualify as an approved Mortgage Trustee, the Mortgage Trustee must:
   1. (1)Be eligible to hold a Preferred Mortgage on a Fishing Industry Vessel under § 356.19(a)(1) through (a)(5);
   2. (2)Be organized as a corporation and doing business under the laws of the United States or of a State;
   3. (3)Be authorized under the laws of the United States or of the State under which it is organized to exercise corporate trust powers;
   4. (4)Be subject to supervision or examination by an official of the United States Government, or of a State;
   5. (5)Have a combined capital and surplus (as stated in its most recent published report of condition) of at least $3,000,000; and
   6. (6)Meet any other requirements prescribed by the Citizenship Approval Officer.
3. (c)The Mortgage Trustee must submit to the Citizenship Approval Officer the following documentation in order to be an approved Mortgage Trustee:
   1. (1)An application for approval as a Mortgage Trustee as set out in paragraph (g) of this section;
   2. (2)The appropriate certification and documentation required under § 356.19(b)(1) through (5) to demonstrate that it is qualified to hold a Preferred Mortgage on Fishing Industry Vessels;
   3. (3)A copy of the most recent published report of condition of the Mortgage Trustee; and,
   4. (4)A certification that the Mortgage Trustee is authorized under the laws of the United States or of a State to exercise corporate trust powers and is subject to supervision or examination by an official of the United States or of a State;
   5. (5)A certification that the Mortgage Trustee is authorized under the laws of the United States or of a State to exercise corporate trust powers and is subject to supervision or examination by an official of the United States or of a State;
4. (d)Any right set forth in a mortgage on a Fishing Industry Vessel cannot be issued, assigned, or transferred to a person who is not eligible to be a Mortgagee without the approval of the Citizenship Approval Officer.
5. (e)Mortgage Trustees approved by the Citizenship Approval Officer must not assume any fiduciary obligations in favor of Non-Citizen Lenders that are in conflict with the U.S. Citizen ownership and control requirements set forth in the AFA, without the approval of the Citizenship Approval Officer. An approved Mortgage Trustee may request that the Citizenship Approval Officer pre-approve a trust agreement form to ensure that the fiduciary duties assumed by the Mortgage Trustee in favor of a Non-Citizen Lender are consistent with the ownership and control requirements of this part and the AFA.
6. (f)We will periodically publish a list of Approved Mortgage Trustees in the Federal Register, but current information as to the status of any particular Mortgage Trustee must be obtained from the Citizenship Approval Officer.
7. (g)An application to be approved as a Mortgage Trustee should include the following: