46 U.S.C. § 53715
Escrow fund
United States · Title 46 — SHIPPING · Status: effective
Cite this
- Citation
- 46 U.S.C. § 53715, Escrow fund, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/488299
- Permanent ID
ys:prov:488299@1- SHA-256
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Full text
If the proceeds of an obligation guaranteed under this chapter are to be used to finance the construction, reconstruction, or reconditioning of a vessel that will serve as security for a guarantee under this chapter, the Secretary or Administrator may accept and hold in escrow, under an escrow agreement with the obligor, a portion of the proceeds of all obligations guaranteed under this chapter whose proceeds are to be so used which is equal to—
the excess of—
The Secretary or Administrator shall disburse amounts in the escrow fund, as specified in the escrow agreement, to—
pay amounts the obligor is obligated to pay for—
If a payment has not become due under the guarantee before the termination of the escrow agreement, the balance of the escrow fund at the time of termination shall be disbursed to—
prepay the excess of—
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- To complete the codification of title 46, United States Code, "Shipping", as positive law.House: no recorded tallySenate: no recorded tally
- National Defense Authorization Act for Fiscal Year 2006House: 374–41Senate: no recorded tally
- National Defense Authorization Act for Fiscal Year 2008