46 U.S.C. § 57303 — Utility value and tonnage requirements
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 106 words · no verdicts yet
This law requires that a new vessel traded in under this chapter be roughly as useful as the obsolete vessel it replaces. If the new vessel is at least as useful, it can be physically smaller, but it must still be at least one-third the obsolete vessel's gross tonnage.
(a) Utility Value. A new vessel* acquired under this chapter, for use in U.S. domestic or foreign trade, must not be substantially less useful than the obsolete vessel* it's traded in for.
(b) Tonnage. If the Secretary of Transportation finds that the new vessel* is at least as useful as the obsolete one, the new vessel is allowed to have less gross tonnage than the obsolete vessel. But the new vessel's gross tonnage must still be at least one-third of the obsolete vessel's gross tonnage.
The utility value of a new vessel* to be acquired under this chapter for operation in the domestic or foreign commerce of the United States may not be substantially less than that of the obsolete vessel* acquired in exchange under this chapter.
If the Secretary of Transportation finds that the new vessel* will have a utility value at least equal to that of the obsolete vessel, the new vessel may be of lesser gross tonnage than the obsolete vessel. However, the gross tonnage of the new vessel must be at least one-third the gross tonnage of the obsolete vessel.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1662.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1662
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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