Vedder Thinking | News Frank Nolan Weighs In on the Recent Marshall Islands Law in IHS’s Fairplay Magazine
March 21, 2013
Francis X. Nolan, III, a Vedder Price shareholder and member of the firm’s Global Transportation Finance team, was recently quoted in a Fairplay magazine article titled “Financial Lessors Win ‘Back Door’ Protection.” On March 6, 2013, the Marshall Islands parliament passed “first of its kind” legislation that permits a financing charter to be treated as a preferred mortgage for the owner of a Marshall Islands vessel. Mr. Nolan, current chair of the Marine Finance Committee and a member of the Maritime Law Association’s (MLA) Board of Directors, was the measure’s principal draftsman. In the Fairplay article, he provides insight on how the legislation came to be and the implications now that it has passed.
The article concludes by saying that the concept of leveraging open-registry jurisdiction law for global effect could also be mirrored through other innovations in the future. “The MLA Marine Finance Committee is looking at a number of these. We’re not trying to be promiscuous with them, but to do it on a steady basis,” explained Mr. Nolan.
To read the article in its entirety, please download the attachment below.