Fund for the payment of Government losses in shipment

Source Credit

(a) Establishment.—There is a revolving fund in the Treasury known as "the fund for the payment of Government losses in shipment".
(b) Use.—The fund shall be used for the replacement of valuables, or the value of valuables, lost, destroyed, or damaged while being shipped in accordance with regulations prescribed under section 17302 of this title.
(c) Unavailability.—The fund is not available with respect to any loss, destruction, or damage affecting valuables—
(1) that relates to property of the United States Postal Service that is chargeable to its officers or employees; or
(2) of which shipment shall have been made at the risk of persons other than the Federal Government and the executive departments, independent establishments, agencies, wholly owned Government corporations, officers and employees of the Government.
(d) Crediting of Recoveries and Repayments.—All recoveries and repayments on account of loss, destruction, or damage to valuables for which replacement is made out of the fund shall be credited to it and are available for the purposes of the fund.
(e) Appropriations.—Necessary amounts are appropriated for the fund.

History

(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1281.)

Editorial Notes

In subsection (a), the words "(hereinafter referred to as 'the fund')" are omitted as unnecessary.
In subsection (b), the text of 40:723 (2d sentence 2d proviso) is omitted as obsolete.
In subsection (e), the text of 40:722 (1st sentence words before 5th comma, 2d sentence, 3d sentence words after 2d comma, and last sentence) and the words "Beginning in fiscal year 1995 and thereafter" in 40:722a are omitted as obsolete. The words "for the fund" are substituted for "to make payments for the replacement of valuables, or the value thereof, lost, destroyed, or damaged in the course of shipments effected pursuant to section 721 of this title" for clarity and to eliminate unnecessary words.