2021 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
46 U.S.C. § 57306 (2021) | ||||||
§57306. Payment of trade-in allowance | ||||||
(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.) |
||||||
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. |
||||||
United States Code, 2018 Edition, Supplement 3, 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. 57306 - Payment of trade-in allowance |
||||||
section 57306 | ||||||
2021 | ||||||
January 3, 2022 | ||||||
Yes | ||||||
standard | ||||||
53 Stat. 1184 75 Stat. 833 84 Stat. 1022 95 Stat. 161 120 Stat. 1663 |
||||||
Public Law 87-401, Public Law 91-469, Public Law 97-31, Public Law 109-304 |