2015 US Code
Title 50 - War and National Defense (Sections 1 - 4705)
Chapter 54 - Merchant Ship Sales (Sections 4401 - 4406)
Sec. 4404 - Exchange of vessels

In the case of any vessel constructed in the United States after January 1, 1937, which has been taken by the United States for use in any manner, the Secretary, if in his opinion the transfer would aid in carrying out the policies of this Act, is authorized to transfer to the owner of such vessel another vessel which is deemed by the Secretary to be of comparable type with adjustments for depreciation and difference in design or speed, and to the extent applicable, adjustments with respect to the retained vessel as provided for in section 9, and such other adjustments and terms and conditions, including transfer of mortgage obligations in favor of the United States binding upon the old vessel, as the Secretary may prescribe.

(Mar. 8, 1946, ch. 82, §8, 60 Stat. 45; Pub. L. 97–31, §12(154), Aug. 6, 1981, 95 Stat. 167; Pub. L. 101–225, title III, §307(12), Dec. 12, 1989, 103 Stat. 1925.)

This Act, referred to in subsec. (d), is act Mar. 8, 1946, ch. 82, 60 Stat. 41, known as the Merchant Ship Sales Act of 1946, which is classified principally to this chapter. Section 9 of the Act was formerly classified to section 1742 of the former Appendix to this title, prior to repeal by Pub. L. 94–412, title V, §501(g), Sept. 14, 1976, 90 Stat. 1258. For complete classification of this Act to the Code, see Short Title note set out under section 4401 of this title and Tables.

Section was formerly classified to section 1741 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.

1989—Subsecs. (a) to (c). Pub. L. 101–225 struck out subsecs. (a) to (c) which related to allowance as credit on purchase price and vessels acceptable, amount of allowance, and transfers in settlement of claims, respectively.

1981—Pub. L. 97–31 substituted "Secretary" for "Commission" wherever appearing.