§ 56501 - Definition

CHAPTER 565— ESSENTIAL VESSELS AFFECTED BY NEUTRALITY ACT

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

(1)(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.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 5650146 App.:1242a(a).June 29, 1940, ch. 442, subdiv. (a), 54 Stat. 684.