Title 46 — ShippingRelease 119-73
§53909 War risk insurance revolving fund
Title 46 › Subtitle Subtitle V— - Merchant Marine › Part Part C— - Financial Assistance Programs › Chapter CHAPTER 539— - WAR RISK INSURANCE › § 53909
Summary
Creates a war-risk fund in the Treasury. Congress funds and government receipts go into it to pay claims and other liabilities. Transportation Secretary may ask Treasury to invest idle funds in government debt; Treasury sets terms by market yields and returns go back to the fund.
Full Legal Text
Title 46, §53909
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(a)There is a war risk insurance revolving fund in the Treasury.
(b)There shall be deposited in the fund amounts appropriated to carry out this chapter and amounts received in carrying out this chapter.
(c)There shall be paid from the fund amounts for return premiums, losses, settlements, judgments, and all liabilities incurred by the United States Government under this chapter.
(d)The Secretary of Transportation may request the Secretary of the Treasury to invest such portion of the fund as is not, in the judgment of the Secretary of Transportation, required to meet the current needs of the fund. These investments shall be made by the Secretary of the Treasury in public debt securities of the Government, with maturities suitable to the needs of the fund, and bearing interest rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the Government of comparable maturity. Interest and benefits from the securities shall be deposited in the fund.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5390946 App.:1288.June 29, 1936, ch. 858, title XII, § 1208, as added Sept. 7, 1950, ch. 906, 64 Stat. 775; Pub. L. 87–743, Oct. 3, 1962, 76 Stat. 740; Pub. L. 97–31, § 12(139), Aug. 6, 1981, 95 Stat. 166; Pub. L. 108–375, div. C, title XXXV, § 3502(b), Oct. 28, 2004, 118 Stat. 2195. 46 App.:1288a.Nov. 1, 1951, ch. 664, par. under heading “War–Risk Insurance Revolving Fund”, 65 Stat. 746; Pub. L. 97–31, § 12(140), Aug. 6, 1981, 95 Stat. 166. In subsection (c), the reference to the Fiscal Service [previously Division of Disbursement] in the Treasury Department is omitted as unnecessary. In subsection (d), the amendment by section 3502(b) of Public Law 108–375, which struck the third sentence in 46 App. U.S.C. 1288 and inserted new material, was executed as if it were intended to strike the fourth sentence instead, to reflect probably [sic] intent. The text of 46 App. U.S.C. 1288(b) is omitted as unnecessary because enactment of a law authorizing certain governmental functions is itself an authorization of appropriations to carry out those functions. The text of 46 App. U.S.C. 1288a is omitted as executed and impliedly repealed by 46 App. U.S.C. 1119.
Editorial Notes
Amendments
2008—Pub. L. 110–181 repealed Pub. L. 109–364, § 3510(a)(1). See 2006 Amendment note below. 2006—Pub. L. 109–364, § 3510(a)(1), which directed the amendment of section 1288(a) of the former Appendix to this title from which this section was derived in part, was repealed by Pub. L. 110–181. The substance of the amendment was incorporated in this section as enacted by Pub. L. 109–304. See
Historical and Revision Notes
above.
Statutory Notes and Related Subsidiaries
Effective Date
of 2006 Amendment Pub. L. 109–364, div. C, title XXXV, § 3510(a)(2), Oct. 17, 2006, 120 Stat. 2520, which provided that the
Amendments
made by paragraph (1) [amending section 1288(a) of the former Appendix to this title, from which this section was derived in part] were to be effective as if enacted by section 3502 of Pub. L. 108–375, was repealed by Pub. L. 110–181, div. C, title XXXV, § 3526(g), Jan. 28, 2008, 122 Stat. 602.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53909
Title 46 — Shipping
Last Updated
Apr 6, 2026
Release point: 119-73