46 USC 56501: Definition
Text contains those laws in effect on November 21, 2024
From Title 46-SHIPPINGSubtitle V-Merchant MarinePart E-Control of Merchant Marine CapabilitiesCHAPTER 565-ESSENTIAL VESSELS AFFECTED BY NEUTRALITY ACT
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§56501. Definition
In this chapter, the term "essential vessel" means a vessel that is-
(1)(A) security for a mortgage indebtedness to the United States Government; or
(B) constructed under this subtitle or required by a contract under this subtitle to be operated on a certain essential foreign trade route; and
(2) necessary in the interests of commerce and national defense to be maintained in condition for prompt use.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 56501 | 46 App.:1242a(a). | June 29, 1940, ch. 442, subdiv. (a), |