Section 35GG: Abandoned Vessel Trust Fund
162 words·~1 min read·
/ma/part-i/title-ii/chapter-10/35gg·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 35GG. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Abandoned Vessel Trust Fund to be used, without appropriation, by the department of conservation and recreation for the purpose of removing from the public waterways vessels on which title may be presumed to have been abandoned. Available revenues from the sale of abandoned vessels, as provided for in chapter 255, and appropriations from the General Fund shall be deposited into the trust fund.
The proceeds of a sale of an abandoned vessel shall be held by in trust for the former owner of record for a period of 2 years, after which time the funds shall become property of the trust. All monies deposited into the fund shall be expended exclusively for the purpose set forth in this section. No expenditure from the fund shall cause the fund to be in deficiency at the close of a fiscal year.