§ 53909. War risk insurance revolving fund

484 words·~2 min read·/usc/title-46/section-53909

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In General.— There is a war risk insurance revolving fund in the Treasury.

(b)Deposits.— There shall be deposited in the fund amounts appropriated to carry out this chapter and amounts received in carrying out this chapter.

(c)Payments.— There shall be paid from the fund amounts for return premiums, losses, settlements, judgments, and all liabilities incurred by the United States Government under this chapter.

(d)Investment.— The Secretary of Transportation may request the Secretary of the Treasury to invest such portion of the fund as is not, in the judgment of the Secretary of Transportation, required to meet the current needs of the fund. These investments shall be made by the Secretary of the Treasury in public debt securities of the Government, with maturities suitable to the needs of the fund, and bearing interest rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the Government of comparable maturity. Interest and benefits from the securities shall be deposited in the fund.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1630; Pub. L. 109–364, div. C, title XXXV, § 3510(a)(1), Oct. 17, 2006, 120 Stat. 2520; Pub. L. 110–181, div. C, title XXXV, § 3526(g), Jan. 28, 2008, 122 Stat. 602.)

In subsection (c), the reference to the Fiscal Service [previously Division of Disbursement] in the Treasury Department is omitted as unnecessary.

In subsection (d), the amendment by section 3502(b) of Public Law 108–375, which struck the third sentence in 46 App. U.S.C. 1288 and inserted new material, was executed as if it were intended to strike the fourth sentence instead, to reflect probably [sic] intent.

The text of 46 App. U.S.C. 1288(b) is omitted as unnecessary because enactment of a law authorizing certain governmental functions is itself an authorization of appropriations to carry out those functions. The text of 46 App. U.S.C. 1288a is omitted as executed and impliedly repealed by 46 App. U.S.C. 1119.

Connections6 cite this

Cited by 6 sections · top 2

statutes-at-large

Public Law 109–364
To authorize appropriations for fiscal year 2007 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes

U.S. Code

§ 2645
Indemnification of Department of Transportation for losses covered by vessel war risk insurance

12 references not yet in our index

Pub. L. 109–304, § 8(c)
120 Stat. 1630
Pub. L. 109–364, div. C, title XXXV, § 3510(a)(1)
120 Stat. 2520
Pub. L. 110–181, div. C, title XXXV, § 3526(g)
122 Stat. 602
section 3502(b) of Public Law 108–375
Pub. L. 110–181
Pub. L. 109–364, § 3510(a)(1)
Pub. L. 109–304
Pub. L. 109–364, div. C, title XXXV, § 3510(a)(2)
section 3502 of Pub. L. 108–375

Citation graph

cites case law

§ 53909

War risk insurance revolving fund

U.S.C.×4

Stat.×2

Pub. L.Pub. L. 109–304, § 8(c)

Stat.120 Stat. 1630

Pub. L.Pub. L. 109–364, div. C, title XXXV, § 3510(a)(1)

Stat.120 Stat. 2520

Pub. L.Pub. L. 110–181, div. C, title XXXV, § 3526(g)

Cites 12 · showing 5Cited by 6 across 2 sources