In this chapter:(1) New vessel.—The term “new vessel” means a vessel—(A) constructed under this subtitle and acquired within 2 years after the date of completion; or
(B) constructed in a domestic shipyard on private account and not under this subtitle, and documented under the laws of the United States.
(2) Obsolete vessel.—The term “obsolete vessel” means a vessel that—(A) is of at least 1,350 gross tons;
(B) the Secretary of Transportation believes should, because of its age, obsolescence, or other reasons, be replaced in the public interest; and
(C) has been owned by a citizen of the United States for at least 3 years immediately before its acquisition under this chapter.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1662.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
5730146 App.:1160(a).June 29, 1936, ch. 858, title V, § 510(a), as added Aug. 4, 1939, ch. 417, § 7, 53 Stat. 1183; July 17, 1952, ch. 939, § 7, 66 Stat. 762; Pub. L. 85–332, Feb. 20, 1958, 72 Stat. 17; Pub. L. 87–755, Oct. 5, 1962, 76 Stat. 751; Pub. L. 91–469, § 12(a), Oct. 21, 1970, 84 Stat. 1022; Pub. L. 97–31, § 12(91), Aug. 6, 1981, 95 Stat. 161.
In paragraph (1)(A), the words “or is purchased under section 1204 of this Appendix, as amended, by the person turning in an obsolete vessel under this section” are omitted because the purchase authority under 46 App. U.S.C. 1204 was impliedly repealed by section 14 of the Merchant Ship Sales Act of 1946 (50 App. U.S.C. 1735 note).