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46 U.S.C. 53308: Order and proportions of deposits and withdrawalsText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 46-SHIPPINGCHAPTER 533-CONSTRUCTION RESERVE FUNDS
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§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(2)  amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and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

Section

Source (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.