46 U.S.C. § 56501 — Definition
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 67 words · no verdicts yet
This law defines "essential vessel" for this chapter as a vessel that either secures a U.S. government mortgage debt or was built or contracted to run on a designated essential foreign trade route, and that the government needs to keep ready for prompt use for commerce and national defense.
In this chapter, "essential vessel*" means a vessel that meets two conditions.
First, it must be either: (A) collateral (security) for a debt owed to the United States Government under a mortgage; or (B) a vessel built under this subtitle, or required by a contract under this subtitle, to run on a particular essential foreign trade route.
Second, it must be necessary — for the sake of commerce and national defense — to be kept ready for prompt use.
In this chapter, the term “essential vessel*” means a vessel that is—
security for a mortgage indebtedness to the United States Government; or
constructed under this subtitle or required by a contract under this subtitle to be operated on a certain essential foreign trade route; and
necessary in the interests of commerce and national defense to be maintained in condition for prompt use.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1656.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1656
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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