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46 U.S.C. § 30529 - U.S. Code - Unannotated Title 46. Shipping § 30529. Action by owner for limitation

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In general.--The owner of a vessel may bring a civil action in a district court of the United States for limitation of liability under this chapter. The action must be brought within 6 months after a claimant gives the owner written notice of a claim.

(b) Creation of fund.--When the action is brought, the owner (at the owner's option) shall--

(1) deposit with the court, for the benefit of claimants--

(A) an amount equal to the value of the owner's interest in the vessel and pending freight, or approved security; and

(B) an amount, or approved security, that the court may fix from time to time as necessary to carry out this chapter; or

(2) transfer to a trustee appointed by the court, for the benefit of claimants--

(A) the owner's interest in the vessel and pending freight; and

(B) an amount, or approved security, that the court may fix from time to time as necessary to carry out this chapter.

(c) Cessation of other actions.--When an action has been brought under this section and the owner has complied with subsection (b), all claims and proceedings against the owner related to the matter in question shall cease.

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Cite this article: FindLaw.com - 46 U.S.C. § 30529 - U.S. Code - Unannotated Title 46. Shipping § 30529. Action by owner for limitation - last updated January 01, 2024 | https://codes.findlaw.com/us/title-46-shipping/46-usc-sect-30529/

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