46-U.S.C.-31305

§31305 – Waiver of Lien Rights

Pathway

Title 46 > Subtitle III > Chapter 313 > Subchapter I > Section 31305

Details

• Reference: Section 31305
• Legend: §31305 – Waiver of Lien Rights
• USCode Year: 2013

Provision Content

This chapter does not prevent a mortgagee or other lien holder from waiving or subordinating at any time by agreement or otherwise the lien holders 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.)

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.

U.S. Encyclopedia of Law Coverage

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