§56308 — Title 46 Shipping | U.S. Code

Summary

When the U.S. takes a U.S.-built vessel made after January 1, 1937, the transportation secretary may give the owner a similar replacement. The secretary can lower the replacement’s value for depreciation or design/speed differences and include other terms, even transferring U.S. mortgage claims tied to the old vessel.

Title 46, §56308

Shipping — Source: USLM XML via OLRC

In the case of any vessel constructed in the United States after January 1, 1937, which has been taken by the United States for use in any manner, the Secretary of Transportation, if in his opinion the transfer would aid in carrying out the policies of this Act,11 See References in Text note below. is authorized to transfer to the owner of such vessel another vessel which is deemed by the Secretary to be of comparable type with adjustments for depreciation and difference in design or speed, and to the extent applicable, such other adjustments and terms and conditions, including transfer of mortgage obligations in favor of the United States binding upon the old vessel, as the Secretary may prescribe.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in text, means act Mar. 8, 1946, ch. 82, 60 Stat. 41, known as the Merchant Ship Sales Act of 1946, which was classified principally to chapter 54 (§ 4401 et seq.) of Title 50, War and National Defense. The Act has been repealed, except for section 8(d) and 11, which were transferred to this section and section 57100 of this title, respectively, by Pub. L. 115–91. Provisions relating to the policies of the Act were contained in section 4401 of Title 50 prior to repeal by Pub. L. 115–91. Codification Section, as added and amended by Pub. L. 115–91, is based on act Mar. 8, 1946, ch. 82, § 8(d), 60 Stat. 46, as amended by Pub. L. 97–31, § 12(154), Aug. 6, 1981, 95 Stat. 167, which was formerly classified to section 4404(d) of Title 50, War and National Defense, before being transferred to this chapter and renumbered as this section.

Amendments

2017—Pub. L. 115–91, § 3502(b)(5)(C), which directed striking out “adjustments with respect to the retained vessels as provided for in section 9, and”, was executed by striking out “adjustments with respect to the retained vessel as provided for in section 9, and” after “extent applicable,” to reflect the probable intent of Congress. Pub. L. 115–91, § 3502(b)(5)(B), which directed insertion of “of Transportation” after “Secretary”, was executed by making the insertion after “Secretary” the first time appearing to reflect the probable intent of Congress. Pub. L. 115–91, § 3502(b)(5)(A), inserted section enumerator and catchline. Pub. L. 115–91, § 3502(a)(2), transferred section 8(d) of act Mar. 8, 1946, to this chapter and renumbered it as this section. See Codification note above.

§56308 Transfer of substitute vessels