Title 46, ShippingRelease 119-110
§53512 Fifo and Lifo Withdrawals
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 535 — CAPITAL CONSTRUCTION FUNDS › § 53512
Summary
Money taken out of an account must be counted as coming from the oldest deposits first (first-in, first-out). But if the withdrawal is a nonqualified withdrawal for research, development, or design work on new or advanced vessel design, machinery, or equipment, or if it is treated as nonqualified under section 53510(d), then it must be counted as coming from the newest deposits first (last-in, first-out).
Full Legal Text
Title 46, §53512
Shipping, Source: USLM XML via OLRC
(a)FIFO.—
Except as provided in subsection (b), an amount withdrawn from an account under this chapter shall be treated as withdrawn on a first-in-first-out basis.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)LIFO.—
An amount withdrawn from an account under this chapter shall be treated as withdrawn on a last-in-first-out basis if it is—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
Sep 22, 2026
Release point: 119-110