46 U.S.C. § 53308 — Order and proportions of deposits and withdrawals
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 117 words · no verdicts yet
This section sets the order and proportions for applying construction reserve fund deposits and withdrawals.
For this chapter: (1) if sale proceeds or loss indemnity is deposited in more than one deposit, the gain is treated as deposited first; (2) spending, obligations, and other withdrawals are applied to deposits in deposit order; and (3) if a deposit partly contains unrecognized gain, an amount applied against it is treated as gain in the same proportion that the gain portion bears to the whole deposit.
In this chapter—
if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first;
amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and
if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1589
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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