46 U.S.C. § 56501

Definition

In this chapter, the term “essential vessel” means a vessel that is—

(1)

(A)

security for a mortgage indebtedness to the United States Government; or

(B)

constructed under this subtitle or required by a contract under this subtitle to be operated on a certain essential foreign trade route; and

(2)

necessary in the interests of commerce and national defense to be maintained in condition for prompt use.

( Pub. L. 109–304, § 8(c) , Oct. 6, 2006 , 120 Stat. 1656 .)