View all text of Chapter 563 [§ 56301 - § 56312]
§ 56308. Transfer of substitute vessels
In the case of any vessel constructed in the United States after January 1, 1937, which has been taken by the United States for use in any manner, the Secretary of Transportation, if in his opinion the transfer would aid in carrying out the policies of this Act,1
1 See References in Text note below.
is authorized to transfer to the owner of such vessel another vessel which is deemed by the Secretary to be of comparable type with adjustments for depreciation and difference in design or speed, and to the extent applicable, such other adjustments and terms and conditions, including transfer of mortgage obligations in favor of the United States binding upon the old vessel, as the Secretary may prescribe.(Added and amended Pub. L. 115–91, div. C, title XXXV, § 3502(a)(2), (b)(5), Dec. 12, 2017, 131 Stat. 1910.)