46 U.S.C. § 50303 — Operating property and extending term of notes

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 156 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of Transportation may operate or lease docks, wharves, piers, vessels, or other property under the Secretary's control, and may extend or renew promissory notes, mortgages, and similar contracts on that property. Using certain reserve vessels this way first requires the Secretary of Defense's consent. These deals must follow sound business practice, and any money received goes back into funding the Secretary's work.

(a) General Authority. The Secretary of Transportation may (1) operate or lease docks, wharves, piers, vessels, or real property under the Secretary's control — except that using a vessel in the Ready Reserve Force or National Defense Reserve Fleet that's held for the Department of Defense first requires the Secretary of Defense's consent — and (2) extend or renew (A) promissory notes and other debt documents tied to property, and (B) mortgages and other contracts that secure that property. (b) Terms of Transactions. Any such deal must be on terms the Secretary thinks are needed to carry out this subtitle's purposes, but must still follow sound business practice. (c) Availability of Amounts. Money the Secretary receives from these transactions is available for the Secretary to spend as provided elsewhere in this subtitle.

the actual law source: uscode.house.gov ↗public domain

(a)General Authority.—

The Secretary of Transportation may—

(1)

operate or lease docks, wharves, piers, vessels, or real property under the Secretary’s control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense; and

(2)

make extensions and accept renewals of—

(A)

promissory notes and other evidences of indebtedness on property; and

(B)

mortgages and other contracts securing the property.

(b)Terms of Transactions.—

A transaction under subsection (a) shall be on terms the Secretary considers necessary to carry out the purposes of this subtitle, but consistent with sound business practice.

(c)Availability of Amounts.—

Amounts received by the Secretary from a transaction under this section are available for expenditure by the Secretary as provided in this subtitle.

Source credit: (Pub. L. 109–304, § 8(b), Oct. 6, 2006, 120 Stat. 1564; Pub. L. 110–181, div. C, title XXXV, § 3512, Jan. 28, 2008, 122 Stat. 594.)

history & why it existsrecord from the source credit

2006Enacted · Pub. L. 109-304 · 120 Stat. 1564
2008Amended · Pub. L. 110-181 · 122 Stat. 594

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.

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