FEDERAL · 46 U.S.C. · Chapter 533
Order and proportions of deposits and withdrawals
46 U.S.C. § 53308
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Chapter533 — CONSTRUCTION RESERVE FUNDS
This text of 46 U.S.C. § 53308 (Order and proportions of deposits and withdrawals) 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. § 53308.
Text
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(2)amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and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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Related
§ 53306
46 U.S.C. § 53306
Source Credit
History
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.)
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Bluebook (online)
46 U.S.C. § 53308, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53308.