46 U.S.C. § 53308 — Order and proportions of deposits and withdrawals

FEDERAL · 46 U.S.C. · Chapter 533

Order and proportions of deposits and withdrawals

Current through Pub. L. 119-102

Title 46 — Shipping·Ch. 533 — CONSTRUCTION RESERVE FUNDS

In this chapter—

(1)if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first;

(2)amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and

(3)if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.

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In this chapter—
(1) if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first;
(2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and
(3) if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.

46 U.S.C. § 53308 (Order and proportions of deposits and withdrawals) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.)

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Source Credit

History