Order and proportions of deposits and withdrawals

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 533 - CONSTRUCTION RESERVE FUNDS Sec. 53308 - Order and proportions of deposits and withdrawals From the U.S. Government Publishing Office, www.gpo.gov

§53308. Order and proportions of deposits and withdrawals

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the amount consisting of the gain shall be deemed to be deposited first; (2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and (3) if a deposit consists in part of a gain not recognized under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.

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

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)

53308 46 App.:1161(e). June 29, 1936, ch. 858, title V, §511(e), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107.