Title 46 — ShippingRelease 119-73
§53512 FIFO and LIFO withdrawals
Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part C— - Financial Assistance Programs › Chapter CHAPTER 535— - CAPITAL CONSTRUCTION FUNDS › § 53512
Summary
Money taken from an account under this chapter counts as coming out oldest-first. But if the withdrawal is a nonqualified payment for research, development, and design of new or advanced vessel design, machinery, or equipment, or is treated as nonqualified under section 53510(d), it counts newest-first.
Full Legal Text
Title 46, §53512
Shipping — Source: USLM XML via OLRC
(a)Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.
(b)An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—
(1)a nonqualified withdrawal for research, development, and design expenses incident to new and advanced vessel design, machinery, and equipment; or
(2)an amount treated as a nonqualified withdrawal under section 53510(d) of this title.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5351246 App.:1177(h)(2) (last sentence).June 29, 1936, ch. 858, title VI, § 607(h)(2) (last sentence), 49 Stat. 2005; June 23, 1938, ch. 600, §§ 23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, § 10, 53 Stat. 1185; July 17, 1952, ch. 939, §§ 17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, § 1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, § 6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, § 21(a), Oct. 21, 1970, 84 Stat. 1030.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53512
Title 46 — Shipping
Last Updated
Apr 6, 2026
Release point: 119-73