46 U.S.C. § 53308

Order and proportions of deposits and withdrawals

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 46 CasesGoogle Scholar

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the amount consisting of the gain shall be deemed to be deposited first;(2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and(3) if a deposit consists in part of a gain not recognized under section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
53308	46 App.:1161(e).	June 29, 1936, ch. 858, title V, § 511(e), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107.

Historical and Revision Notes

53308

46 App.:1161(e).

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