2016 US Code
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

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Citation 46 U.S.C. § 57306 (2016)
Section Name §57306. Payment of trade-in allowance
Section Text

(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.

Source Credit

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.)

Editorial Notes
Historical and Revision Notes
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.

Publication Title United States Code, 2012 Edition, Supplement 4, 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 2016
Laws In Effect As Of Date January 6, 2017
Positive Law Yes
Disposition standard
Statutes at Large References 53 Stat. 1184
75 Stat. 833
84 Stat. 1022
95 Stat. 161
120 Stat. 1663
Public Law References Public Law 87-401, Public Law 91-469, Public Law 97-31, Public Law 109-304
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