PUBLIC LAW 104-324—OCT. 19, 1996 110 STAT. 3981 to the mortgagee of any mortgage on the vessel filed in substantial compliance with section 31321 of this title before notice of the proposed transfer is given to the Secretary, and to any person that recorded a notice of a claim of an undischarged lien on the vessel under section 31343(a) or (d) of this title before notice of the proposed transfer is given to the Secretary. "(2) Failure to give notice as required by this subsection shall not affect the transfer of title to a vessel. However, the rights of any holder of a maritime lien or a preferred mortgage on the vessel shall not be affected by a transfer of title by an extrajudicial remedy exercised under this section, regardless of whether notice is required by this subsection or given. "(3) The Secretary shall prescribe regulations establishing the time and manner for providing notice under this subsection.". (c) RULE OF CONSTRUCTION. —The amendments made by sub- 46 USC 31325 sections (a) and (b) may not be construed to imply that remedies note. other than judicial remedies were not available before the date of enactment of this section to enforce claims for outstanding indebtedness secured by mortgaged vessels. SEC. 1125. OFFSHORE FACILITY FINANCIAL RESPONSIBILITY REQUIREMENTS. (a) AMOUNT OF FINANCIAL RESPONSIBILITY.— Section 1016 of the Oil Pollution Act of 1990 (33 U.S.C. 2716) is amended— (1) by amending subsection (c)(1) to read as follows: " (1) IN GENERAL.— " (A) EVIDENCE OF FINANCIAL RESPONSIBILITY REQUIRED.—Except as provided in paragraph (2), a responsible party with respect to an offshore facility that— "(i)(I) is located seaward of the line of ordinary low water along that portion of the coast that is in direct contact with the open sea and the line marking the seaward limit of inland waters; or "(ID is located in coastal inland waters, such as bays or estuaries, seaward of the line of ordinary low water along that portion of the coast that is not in direct contact with the open sea; "(ii) is used for exploring for, drilling for, producing, or transporting oil from facilities engaged in oil exploration, drilling, or production; and "(iii) has a worst-case oil spill discharge potential of more than 1,000 barrels of oil (or a lesser amount if the President determines that the risks posed by such facility justify it), shall establish and maintain evidence of financial responsibility in the amount required under subparagraph (B) or (C), as applicable. "(B) AMOUNT REQUIRED GENERALLY.— Except as provided in subparagraph (C), the amount of financial responsibility for offshore facilities that meet the criteria of subparagraph (A) is— "(i) $35,000,000 for an offshore facihty located seaward of the seaward boundary of a State; or "(ii) $10,000,000 for an offshore facility located landward of the seaward boundary of a State. "(C) GREATER AMOUNT. — If the President determines that an amount of financial responsibility for a responsible
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