Browse Arkansas Code titles and sections
46 U.S.C. § 53716 — Deposit fund
Federal law — U.S. Code and appendices · legal_authorities
**(a) In General.—** There is a deposit fund in the Treasury for purposes of this section. The Secretary or Administrator, in accordance with an agreement under subsection (b), may deposit into and hold in the fund cash belonging to an obligor to serve as collateral for a guarantee made under this chapter with respect to the obligor.
**(b) Agreement.—** The Secretary or Administrator and an obligor shall make a reserve fund or other collateral account agreement to govern the deposit, withdrawal, retention, use, and reinvestment of cash of the obligor held in the fund. The agreement shall contain—
(1) terms and conditions required by this section;
(2) terms that grant to the United States Government a security interest in all amounts deposited into the fund; and
(3) any additional terms considered by the Secretary or Administrator to be necessary to protect fully the interests of the Government.
**(c) Investment.—** The Secretary or Administrator may invest and reinvest any part of the amounts in the fund in obligations of the Government with maturities such that amounts in the fund will be available as required for purposes of the agreement under subsection (b). Cash balances in the fund in excess of current requirements shall be maintained in a form of uninvested funds, and the Secretary of the Treasury shall pay interest on these funds.
**(d) Withdrawals.—**
(1) **In general.—** — Cash deposited into the fund may not be withdrawn without the consent of the Secretary or Administrator.
(2) **Use of income.—** — Subject to paragraph (3), the Secretary or Administrator may pay any income earned on cash of an obligor deposited into the fund in accordance with the agreement with the obligor under subsection (b).
(3) **Retention against default.—** — The Secretary o
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53716
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 14401baef48143371fafe77927c6bcc8719e55f0375919e827489f675b1483c9. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_a2008876f39be77319475fe1
Source file: Laws/federal/codes/united-states-code/title-46/section-53716-deposit-fund--6eb69753c4.md
Pages: Not recorded – Not recorded
Passage SHA-256: 1314f7ce1e67c883351f1653a2467c4245883e67265bef1d86503a3d09da7bb5
Source location: Title 46, Chapter 537, § 53716; chapter-537-loans-and-guarantees.md
Stored source content
**(a) In General.—** There is a deposit fund in the Treasury for purposes of this section. The Secretary or Administrator, in accordance with an agreement under subsection (b), may deposit into and hold in the fund cash belonging to an obligor to serve as collateral for a guarantee made under this chapter with respect to the obligor.
**(b) Agreement.—** The Secretary or Administrator and an obligor shall make a reserve fund or other collateral account agreement to govern the deposit, withdrawal, retention, use, and reinvestment of cash of the obligor held in the fund. The agreement shall contain—
(1) terms and conditions required by this section;
(2) terms that grant to the United States Government a security interest in all amounts deposited into the fund; and
(3) any additional terms considered by the Secretary or Administrator to be necessary to protect fully the interests of the Government.
**(c) Investment.—** The Secretary or Administrator may invest and reinvest any part of the amounts in the fund in obligations of the Government with maturities such that amounts in the fund will be available as required for purposes of the agreement under subsection (b). Cash balances in the fund in excess of current requirements shall be maintained in a form of uninvested funds, and the Secretary of the Treasury shall pay interest on these funds.
**(d) Withdrawals.—**
(1) **In general.—** — Cash deposited into the fund may not be withdrawn without the consent of the Secretary or Administrator.
(2) **Use of income.—** — Subject to paragraph (3), the Secretary or Administrator may pay any income earned on cash of an obligor deposited into the fund in accordance with the agreement with the obligor under subsection (b).
(3) **Retention against default.—** — The Secretary or Administrator may retain and offset any or all of the cash of an obligor in the fund, and any income realized thereon, as part of the Secretary’s or Administrator’s recovery against the obligor in case of a default by the obligor on an obligation.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
In this title, the term “agency” means a department, agency, or instrumentality of the United States Government.
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 101
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In General.—** The Secretary or Administrator shall charge and collect from the obligor fees the Secretary or Administrator considers reasonable for processing the application and monitoring the loan guarantee, including for—
(1) investigating an application for a guarantee;
(2) appraising property offered as security for a guarantee;
(3) issuing a commitment;
(4) providing services related to an escrow fund under [section 53715 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53715&num=0&edition=prelim) or a deposit fund under [section 53716 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53716&num=0&edition=prelim);
(5) inspecting property during construction, reconstruction, or reconditioning; and
(6) monitoring and providing services related to the obligor’s compliance with any terms related to the obligations, the guarantee, or maintenance of the Secretary or Administrator’s security interests under this chapter.
**(b) Total Fee Limitation.—** The total fees under subsection (a) may not exceed 0.5 percent of the original principal amount of the obligations to be guaranteed.
**(c) Fees for Independent Analysis.—**
(1) **In general.—** — The Secretary or Administrator may charge and collect fees to cover the costs of independent analysis under [section 53703(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53703/c&num=0&edition=prelim). Notwithstanding [section 3302 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3302&num=0&edition=prelim), any fee collected under this subsection shall—
(A) be credited as an offsetting collection to the account that finances the administration of t
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53713
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 452
TITLE 46—SHIPPING
§ 53716
(2) DOCUMENTED PROOF OF PROGRESS REQUIRE-
MENT.—The Secretary or Administrator shall,
by regulation, establish a transparent, inde-
pendent, and risk-based process for verifying
and documenting the progress of projects
under construction before disbursing guaran-
teed loan funds. At a minimum, the process
shall require documented proof of progress in
connection with the construction, reconstruc-
tion, or reconditioning of a vessel or vessels
before disbursements are made from the es-
crow fund. The Secretary or Administrator
may require that the obligor provide a certifi-
cate from an independent party certifying
that the requisite progress in construction, re-
construction, or reconditioning has taken
place.
(e) DISBURSEMENT ON TERMINATION OF AGREE-
MENT.—
(1) IN GENERAL.—If a payment has not be-
come due under the guarantee before the ter-
mination of the escrow agreement, the balance
of the escrow fund at the time of termination
shall be disbursed to—
(A) prepay the excess of—
(i) the principal amount of all obliga-
tions whose proceeds are to be used to fi-
nance the construction, reconstruction, or
reconditioning of the vessel used or to be
used as security for the guarantee; over
(ii) 75 percent or 87.5 percent, whichever
is applicable under section 53709(b) of this
title, of the actual cost of the vessel to the
extent paid; and
(B) pay interest on that prepaid amount of
principal.
(2) REMAINING BALANCE.—Any remaining bal-
ance of the escrow fund shall be paid to the ob-
ligor.
(f) INVESTMENT.—The Secretary or Adminis-
trator may invest and reinvest any part of an es-
crow fund in obligations of the United States
Government with maturities such that the es-
crow fund will be available as required for pur-
poses
Source: Supplied 2024 U.S. Code historical extraction · 46 U.S.C. § 53716
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.