Title 46, ShippingRelease 119-102
§53305 Eligible Fund Deposits
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 533 — CONSTRUCTION RESERVE FUNDS › § 53305
Summary
A construction reserve fund may hold four kinds of money. These are proceeds from selling a vessel; payments that cover the loss of a vessel; income from operating a documented vessel and from services related to that operation; and interest or other earnings that accumulate on the fund’s deposits.
Full Legal Text
Title 46, §53305
Shipping, Source: USLM XML via OLRC
A construction reserve fund may include deposits of— (1)
(2)indemnities for the loss of a vessel;
(3)earnings from the operation of a documented vessel and from services incident to the operation; and
(4)interest or other amounts accrued on deposits in the fund.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 5330546 App.:1161(b) (1st sentence words after 16th comma).June 29, 1936, ch. 858, title V, § 511(b) (1st sentence words after 16th comma), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; June 17, 1943, ch. 130, subdiv. (a), 57 Stat. 157; July 17, 1952, ch. 939, § 9, 66 Stat. 762. In paragraph (3), the words “documented vessel” are substituted for “vessels documented under the laws of the United States” because of the definition of “documented vessel” in chapter 1 of the revised title. In paragraph (4), the words “interest or other amounts accrued on deposits in the fund” are substituted for “receipts, in the form of interest or otherwise, with respect to amounts previously deposited” for clarity and to eliminate unnecessary words.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53305
Title 46, Shipping
Last Updated
Aug 21, 2026
Release point: 119-102