46 U.S.C. § 56308 — Transfer of substitute vessels
submitted 9 years ago by Pub. L. 115-91 to r/title-46-SHIPPING · 116 words · no verdicts yet
For a vessel built in the U.S. after January 1, 1937, that the government took for its own use, this law lets the Secretary of Transportation give the owner a comparable substitute vessel instead, if doing so would help carry out this Act's goals. The Secretary sets fair adjustments for differences and can transfer any mortgage debt onto the new vessel.
This section applies to a vessel* built in the United States after January 1, 1937, that the government took over for its own use. If the Secretary of Transportation believes it would help carry out this Act's goals, the Secretary may transfer to the original owner a different vessel that the Secretary judges to be a comparable type. The Secretary can adjust for depreciation and for differences in design or speed, and can set other adjustments and terms as needed — including moving over any mortgage debt owed to the United States that was tied to the original vessel.
In the case of any vessel* constructed in the United States after January 1, 1937, which has been taken by the United States for use in any manner, the Secretary of Transportation, if in his opinion the transfer would aid in carrying out the policies of this Act,1 is authorized to transfer to the owner of such vessel another vessel which is deemed by the Secretary to be of comparable type with adjustments for depreciation and difference in design or speed, and to the extent applicable, such other adjustments and terms and conditions, including transfer of mortgage obligations in favor of the United States binding upon the old vessel, as the Secretary may prescribe.
Source credit: (Added and amended Pub. L. 115–91, div. C, title XXXV, § 3502(a)(2), (b)(5), Dec. 12, 2017, 131 Stat. 1910.)
- 2017Enacted · Pub. L. 115-91 · 131 Stat. 1910
A history note hasn’t been published yet. The record shows enactment by Pub. L. 115-91 on 2017-12-12.
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