A vessel or its appurtenances shall not be subject to vessel liens for a greater amount in the whole than the price agreed to be paid for the vessel or its repairs.
(1949 Rev., S. 7237; 1969, P.A. 818, S. 8; P.A. 79-602, S. 119.)
History: 1969 act deleted provisions re apportionment of amount of agreed price among several claimants whose claims exceed that amount, i.e. claimants other than original contractor paid in full if possible or in part by apportionment; P.A. 79-602 restated section but made no substantive changes.