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46 U.S.C. § 50303 - U.S. Code - Unannotated Title 46. Shipping § 50303. Operating property and extending term of notes

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

(a) General authority.--The Secretary of Transportation may--

(1) operate or lease docks, wharves, piers, vessels, or real property under the Secretary's control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense; and

(2) make extensions and accept renewals of--

(A) promissory notes and other evidences of indebtedness on property; and

(B) mortgages and other contracts securing the property.

(b) Terms of transactions.--A transaction under subsection (a) shall be on terms the Secretary considers necessary to carry out the purposes of this subtitle, but consistent with sound business practice.

(c) Availability of amounts.--Amounts received by the Secretary from a transaction under this section are available for expenditure by the Secretary as provided in this subtitle.

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Cite this article: FindLaw.com - 46 U.S.C. § 50303 - U.S. Code - Unannotated Title 46. Shipping § 50303. Operating property and extending term of notes - last updated January 01, 2024 | https://codes.findlaw.com/us/title-46-shipping/46-usc-sect-50303/

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