Title 46 › Subtitle Subtitle V— Merchant Marine › Part C— Financial Assistance Programs › Chapter 534— TANKER SECURITY FLEET › § 53401
Defines key words used in this chapter about product tank vessels and operating agreements. "Foreign commerce" means trade either between the United States (including its states, territories, possessions, or the District of Columbia) and other countries, or trade between foreign countries. "Participating Fleet vessel" means a product tank vessel covered by an operating agreement under this chapter on or after January 1, 2022, that fits one of four categories listed elsewhere in the law and is no more than 20 years old. "Person" includes corporations, partnerships, and associations formed under U.S. or foreign law. "Product tank vessel" means a double-hulled tanker that can carry more than 2 separate grades of refined petroleum products at the same time. "Program participant" means an owner or operator who signs an operating agreement with the Secretary under section 53403 for a participating fleet vessel. "Secretary" means the Secretary of Transportation unless the context says otherwise. "United States citizen trust" is a trust whose trustees are U.S. citizens and that includes sworn statements about beneficiaries so that no non-U.S. citizen is known to hold more than 25 percent of the power to influence or limit a trustee; it excludes trusts where non-U.S. citizens can direct or remove trustees unless those non-citizens are limited to 25 percent or less of that authority, but it may include trusts where a non-U.S. citizen owns more than 25 percent of the beneficial interest. "Long term charter" means a time charter to the U.S. Government that lasts continuously for more than 180 days, counting any options.
Full Legal Text
Shipping — Source: USLM XML via OLRC
Legislative History
Reference
Citation
46 U.S.C. § 53401
Title 46 — Shipping
Last Updated
Apr 5, 2026
Release point: 119-73not60