2020 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part F - Government-Owned Merchant Vessels
Chapter 573 - Vessel Trade-in Program
Sec. 57305 - Determination of trade-in allowance
46 U.S.C. § 57305 (2020) | |||||||||
§57305. Determination of trade-in allowance | |||||||||
(a) In General.—The Secretary of Transportation shall determine the trade-in allowance for an obsolete vessel at the time of acquisition of the vessel. The allowance shall be the fair value of the vessel. In determining the value, the Secretary shall consider— (1) the scrap value of the obsolete vessel in American and foreign markets; (2) the depreciated value based on a 20-year or 25-year life, whichever applies to the obsolete vessel; and (3) the market value of the obsolete vessel for operation in world commerce or in the domestic or foreign commerce of the United States. (b) Use of Obsolete Vessels.—If acquisition of the obsolete vessel occurs when the owner contracts for the construction of the new vessel, and the owner uses the obsolete vessel during the period of construction of the new vessel, the Secretary shall reduce the trade-in allowance by an amount representing the fair value of that use. The Secretary shall establish the rate for use of the obsolete vessel when the contract for construction of the new vessel is made. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.) |
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In subsection (a), the words "fair value" are substituted for "fair and reasonable value" to eliminate unnecessary words. In paragraph (3), the word "commerce" is substituted for "trade" for consistency in the chapter. In subsection (b), the words "for the entire period of such use" are omitted as unnecessary. |
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United States Code, 2018 Edition, Supplement 2, Title 46 - SHIPPING | |||||||||
Bills and Statutes | |||||||||
United States Code | |||||||||
Y 1.2/5: | |||||||||
Title 46 - SHIPPING Subtitle V - Merchant Marine Part F - Government-Owned Merchant Vessels CHAPTER 573 - VESSEL TRADE-IN PROGRAM Sec. 57305 - Determination of trade-in allowance |
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section 57305 | |||||||||
2020 | |||||||||
January 13, 2021 | |||||||||
Yes | |||||||||
standard | |||||||||
53 Stat. 1184 66 Stat. 762 74 Stat. 216 75 Stat. 833 84 Stat. 1035 95 Stat. 161 120 Stat. 1663 |
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Public Law 86-518, Public Law 87-401, Public Law 91-469, Public Law 97-31, Public Law 109-304 |