2014 US Code
Title 46 - Shipping (Sections 101 - 80509)
Subtitle V - Merchant Marine (Sections 50101 - 58109)
Part F - Government-Owned Merchant Vessels (Sections 57101 - 57533)
Chapter 573 - Vessel Trade-in Program (Sections 57301 - 57308)
Sec. 57306 - Payment of trade-in allowance
| Publication Title | United States Code, 2012 Edition, Supplement 2, Title 46 - SHIPPING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 46 - SHIPPING Subtitle V - Merchant Marine Part F - Government-Owned Merchant Vessels CHAPTER 573 - VESSEL TRADE-IN PROGRAM Sec. 57306 - Payment of trade-in allowance |
| Contains | section 57306 |
| Date | 2014 |
| Laws In Effect As Of Date | January 5, 2015 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1663. |
| Statutes at Large References | 53 Stat. 1184 75 Stat. 833 84 Stat. 1022 95 Stat. 161 120 Stat. 1663 |
| Public and Private Laws | Public Law 87-401, Public Law 91-469, Public Law 97-31, Public Law 109-304 |
Download PDF
(a) Acquisition at Time of Contract.—If acquisition of an obsolete vessel under this chapter occurs when the owner contracts for the construction or purchase of the new vessel, the Secretary of Transportation shall apply the trade-in allowance to the purchase price of the new vessel rather than paying it to the owner. If the new vessel is constructed under this subtitle, the Secretary may apply the trade-in allowance to the required cash payments on terms and conditions the Secretary may prescribe. If the new vessel is not constructed under this subtitle, the Secretary shall pay the trade-in allowance to the builder of the vessel for the account of the owner when the Secretary acquires the obsolete vessel.
(b) Acquisition at Time of Delivery.—If acquisition of the obsolete vessel occurs when the new vessel is delivered to the owner, the Secretary shall deposit the trade-in allowance in the owner's capital construction fund.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 57306 | 46 App.:1160(b) (4th–7th sentences). | June 29, 1936, ch. 858, title V, §510(b) (4th–7th sentences), as added Aug. 4, 1939, ch. 417, §7, 53 Stat. 1184; Pub. L. 87–401, subdiv. (1), Oct. 5, 1961, 75 Stat. 833; Pub. L. 91–469, §§12(b), 35(a), Oct. 21, 1970, 84 Stat. 1022, 1035; Pub. L. 97–31, §12(91), Aug. 6, 1981, 95 Stat. 161. |
In subsection (b), the words "acquisition of the obsolete vessel occurs" are substituted for "title to the obsolete vessel is acquired" for consistency in the chapter.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.
