46-U.S.C.-57305
§57305 – Determination of Trade-In Allowance
Pathway
Title 46 > Subtitle V > Part F > Chapter 573 > Section 57305
Details
- Reference: Section 57305
- Legend: §57305 – Determination of Trade-In Allowance
- USCode Year: 2013
Provision Content
(a) In General.—The Secretary of Transportation shall determine the trade-in allowance for an obsolete vessel at the time of acquisition of the vessel. The allowance shall be the fair value of the vessel. In determining the value, the Secretary shall consider—
(1) the scrap value of the obsolete vessel in American and foreign markets;
(2) the depreciated value based on a 20-year or 25-year life, whichever applies to the obsolete vessel; and
(3) the market value of the obsolete vessel for operation in world commerce or in the domestic or foreign commerce of the United States.
(b) Use of Obsolete Vessels.—If acquisition of the obsolete vessel occurs when the owner contracts for the construction of the new vessel, and the owner uses the obsolete vessel during the period of construction of the new vessel, the Secretary shall reduce the trade-in allowance by an amount representing the fair value of that use. The Secretary shall establish the rate for use of the obsolete vessel when the contract for construction of the new vessel is made.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 57305(a) | 46 App.:1160(b) (3d sentence), (d) (1st, 2d sentences). | June 29, 1936, ch. 858, title V, §510(b) (3d sentence), (d), as added Aug. 4, 1939, ch. 417, §7, 53 Stat. 1184; July 17, 1952, ch. 939, §8, 66 Stat. 762; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87–401, Oct. 5, 1961, 75 Stat. 833; Pub. L. 91–469, §35(a), Oct. 21, 1970, 84 Stat. 1035; Pub. L. 97–31, §12(91), Aug. 6, 1981, 95 Stat. 161. |
| 57305(b) | 46 App.:1160(d) (3d, last sentences). |
In subsection (a), the words fair value are substituted for fair and reasonable value to eliminate unnecessary words. In paragraph (3), the word commerce is substituted for trade for consistency in the chapter.
In subsection (b), the words for the entire period of such use are omitted as unnecessary.
U.S. Encyclopedia of Law Coverage
Chapter 573 – Vessel Trade-In Program in the Legal Encyclopedia: Shipping
In this entry about Chapter 573 – Vessel Trade-In Program, find legal reference material, bibliographies and premiere content related to shipping in the American Encyclopedia of Law, presenting a comprehensive view of the United States shipping-specific issues, written by authorities in the field.
46-U.S.C.-56307 in the Legal Encyclopedia: Merchant Marine
In this entry about 46-U.S.C.-56307, find legal reference material, bibliographies and premiere content related to merchant marine in the American Encyclopedia of Law, presenting a comprehensive view of the United States merchant marine-specific issues, written by authorities in the field.
46-U.S.C.-57305 in the Legal Encyclopedia: Government Owned Merchant Vessels
In this entry about 46-U.S.C.-57305, find legal reference material, bibliographies and premiere content related to government owned merchant vessels in the American Encyclopedia of Law, presenting a comprehensive view of the United States government owned merchant vessels-specific issues, written by authorities in the field.
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