46 U.S.C. § 57305 — Determination of trade-in allowance
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 178 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Secretary of Transportation shall determine the trade-in allowance for an obsolete vessel* at the time of acquisition of the vessel*. The allowance shall be the fair value of the vessel. In determining the value, the Secretary shall consider—
the scrap value of the obsolete vessel in American and foreign markets;
the depreciated value based on a 20-year or 25-year life, whichever applies to the obsolete vessel; and
the market value of the obsolete vessel for operation in world commerce or in the domestic or foreign commerce of the United States.
If acquisition of the obsolete vessel occurs when the owner contracts for the construction of the new vessel*, and the owner uses the obsolete vessel during the period of construction of the new vessel, the Secretary shall reduce the trade-in allowance by an amount representing the fair value of that use. The Secretary shall establish the rate for use of the obsolete vessel when the contract for construction of the new vessel is made.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1663.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1663
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
all 0 arguments · sorted by: best
no arguments yet — make the first case