46 U.S.C. § 56502 — Adjusting obligations and arranging maintenance

(a) General Authority. On written request, the Secretary of Transportation may adjust an essential vessel^* owner's debts and arrange to maintain the vessel^*, as allowed under this chapter, if the Secretary determines — after any investigation the Secretary thinks is needed — that all three of these are true: (1) operating the vessel on its assigned (or otherwise likely) route isn't lawful under the Neutrality Act of 1939 or a related proclamation, or isn't compatible with keeping the vessel ready for national defense and commerce; (2) it isn't realistically possible under current law to use the vessel in any other foreign or domestic trade (apart from short-term or emergency use allowed under section 56503(b)(5)); and (3) because of Neutrality Act restrictions or the vessel's withdrawal for national defense, the owner isn't earning — and won't earn — a reasonable return on the money invested in the business.

(b) Effective Period. These adjustments and arrangements stay in effect only for as long as the conditions described in subsection (a) continue to exist.