Us Code § 57305 - Determination of trade-in allowance
Full text of Us Code United States Code § 57305 — Determination of trade-in allowance, with citation guidance and answers to common questions.
§ 57305. Determination of trade-in allowance
(a)
(1) the scrap value of the obsolete vessel in American and foreign markets;
(2) the depreciated value based on a 20-year or 25-year life, whichever applies to the obsolete vessel; and
(3) the market value of the obsolete vessel for operation in world commerce or in the domestic or foreign commerce of the United States.
(b)
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1663.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 57305(a) | 46 App.:1160(b) (3d sentence), (d) (1st, 2d sentences). | June 29, 1936, ch. 858, title V, §510(b) (3d sentence), (d), as added Aug. 4, 1939, ch. 417, §7, 53 Stat. 1184; July 17, 1952, ch. 939, §8, 66 Stat. 762; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87–401, Oct. 5, 1961, 75 Stat. 833; Pub. L. 91–469, §35(a), Oct. 21, 1970, 84 Stat. 1035; Pub. L. 97–31, §12(91), Aug. 6, 1981, 95 Stat. 161. |
| 57305(b) | 46 App.:1160(d) (3d, last sentences). |
In subsection (a), the words "fair value" are substituted for "fair and reasonable value" to eliminate unnecessary words. In paragraph (3), the word "commerce" is substituted for "trade" for consistency in the chapter.
In subsection (b), the words "for the entire period of such use" are omitted as unnecessary.
About This Section
46 U.S.C. § 57305 is part of Title 46 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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