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89 Tul. L. Rev. 1103 (2014-2015)

handle is hein.journals/tulr89 and id is 1181 raw text is: What Is a Vessel?: Implications for Marine Finance, Marine Insurance, and Admiralty Jurisdiction Stewart E Peck David B. Sharpe* I. INTRODUCTION ........................................................................... 1104 A. Lozman's Four-Part Test for Vessel Status; Actual U se .................................................................................... 1104 B. Implications of Vessel Status ........................................... 1105 C Difficul6es with Vessel Status ......................................... 1106 II. MARINE AND ENERGY LENDING IN BORDERLINE CASES ..... 1108 A . Introduction ...................................................................... 1108 B. The Ship MortgageActandLozman .............................. 1108 C What Happens Ifa Mortgaged Vessel Loses Vessel S tatus? ............................................................................... 1112 D Do 46 US.C § 12136andRelatedRegulations Prevent the Loss of Vessel Status? ................................... 1114 III. V ESSELS-TO-B E ......................................................................... 1121 IV APPURTENANCES ........................................................................ 1123 V CRAFT WITHDRAWN FROM NAVIGATION, DEAD SHIPS, AND PERMANENTLY MOORED CRAFT ............................................... 1126 A. Withdrawn Vessels Genemlly .......................................... 1126 B. Work Platform s ................................................................ 1126 C Q uarter B arges ................................................................. 1127 D Floating Offshore Oil and Gas Platforms ....................... 1128 VI. DRY DOCKS AS A CASE STUDY OF LOZMAA s EFFECTS ON ADMIRALTY JURISDICTION, MARINE FINANCE, AND M ARINE INSURANCE .................................................................. 1129 © 2015 Stewart F Peck and David B. Sharpe. * Stewart Peck is a senior partner and founding member of the firm Lugenbuhl, Wheaton, Peck, Rankin & Hubbard. His law partner, David Sharpe, is also an Adjunct Professor of Law at Tulane University Law School. The authors wish to thank their law partner Nathan Homer and their associate Lance Cardwell for their considerable assistance with this Article. Any views expressed in this Article are solely those of the authors and should not be attributed to their fi-m or the firm's clients. 1103

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