MARAD Proposes To Amend Regulations

The Maritime Administration (MARAD) is proposing to amend its regulations relating to deposit of Title XI funds to allow such monies to be deposited with the United States Treasury and invested in Treasury obligations. Such funds would no longer have to be deposited in private banks. These changes are intended to simplify, reduce costs of, and expedite Title XI closings. Comments on the proposal should be submitted by August 12, 2002. Source: HK Law