FEDERAL · 46 U.S.C. · Chapter 503
Operating property and extending term of notes
46 U.S.C. § 50303
Title46 — Shipping
Chapter503 — ADMINISTRATIVE
This text of 46 U.S.C. § 50303 (Operating property and extending term of notes) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
46 U.S.C. § 50303.
Text
(a)General Authority.—The Secretary of Transportation may—
(1)operate or lease docks, wharves, piers, vessels, or real property under the Secretary's control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense; and
(2)make extensions and accept renewals of—
(A)promissory notes and other evidences of indebtedness on property; and
(B)mortgages and other contracts securing the property.
(b)Terms of Transactions.—A transaction under subsection (a) shall be on terms the Secretary considers necessary to carry out the purposes of this subtitle, but consistent with sound business practice.
Free access — add to your briefcase to read the full text and ask questions with AI
Source Credit
History
(Pub. L. 109–304, §8(b), Oct. 6, 2006, 120 Stat. 1564; Pub. L. 110–181, div. C, title XXXV, §3512, Jan. 28, 2008, 122 Stat. 594.)
Editorial Notes
In subsection (a), the words "Notwithstanding any other provision of law" are omitted as unnecessary. In paragraph (1), the word "lands" is omitted as included in "real property". In paragraph (2)(A), the word "promissory" is added for clarity. The words "hereby transferred", referring to the transfer under the first sentence of section 202 of the Merchant Marine Act, 1936 (repealed by section 12(60)(A) of Public Law 97–31), are omitted as obsolete.
Subsection (b) is substituted for "in accordance with good business methods and on such terms and conditions as he determines to effectuate the policy of this chapter" and "upon such terms and conditions as he may prescribe in accordance with sound business practice" for consistency and to eliminate unnecessary words.
Editorial Notes
Amendments
2008—Subsec. (a)(1). Pub. L. 110–181 inserted "vessels," after "piers," and substituted "control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense;" for "control;".
Subsection (b) is substituted for "in accordance with good business methods and on such terms and conditions as he determines to effectuate the policy of this chapter" and "upon such terms and conditions as he may prescribe in accordance with sound business practice" for consistency and to eliminate unnecessary words.
Editorial Notes
Amendments
2008—Subsec. (a)(1). Pub. L. 110–181 inserted "vessels," after "piers," and substituted "control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense;" for "control;".
Cite This Page — Counsel Stack
Bluebook (online)
46 U.S.C. § 50303, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/50303.