This chapter (other than section
4504 of this title)—
(1)specifies the procedure for the disbursement of funds collected, including interest thereon, by the Secretary or the courts pursuant to the Emergency Petroleum Allocation Act of 1973 [15 U.S.C. 751 et seq.] or the Economic Stabilization Act of 1970 (and the regulations issued thereunder) as restitution for actual or alleged violations of such Acts or regulations; and
(2)subject to subsection (c) of this section, applies to—
(A)any amount of such funds held in escrow by the Secretary through accounts administered by the Secretary of the Treasury on or after October 21, 1986; and
(B)any amount of such funds determined at any time, pursuant to judicial or administrative proceedings (including any settlement agreement or declaratory judgment) instituted by the Secretary to enforce such Acts and regulations, to be amounts paid for such actual or alleged violations, including any such amounts held in escrow by any court.
(b) Special rule
Amounts described in subsection (a)(2) of this section and held in an escrow account by a court before October 21, 1986, may continue to be held by such court but shall be disbursed, together with any interest thereon, by the Secretary or, as appropriate, by the court only in accordance with the provisions of this chapter.
Subsection (a)(2) of this section does not apply to—
(1)any amount actually disbursed before October 21, 1986, to any person or class of persons pursuant to section 155 ofPublic Law 97–377 or any final judicial or administrative order or judgment (including any settlement agreement or declaratory judgment);
(2)any amount to which any person or class of persons has an enforceable right, created or vested, or governed by the terms and conditions of the settlement approved on July 7, 1986, in In Re: the Department of Energy Stripper Well Exemption Litigation, M.D.L. No. 378, in the United States District Court for the District of Kansas; and
(3)any amount designated by judicial or administrative order or judgment (including any settlement agreement or declaratory judgment) for disbursement at any time to any specific person or class of persons—
(A)identified in such order or judgment as injured by the violation or alleged violation of the Acts described in subsection (a)(1) of this section (including the regulations thereunder); or
(B)identified in such order or judgment issued before October 21, 1986, for indirect restitution.
(d) Escrow accounts
Subject to subsections (b) and (c) of this section, the amounts covered by subsection (a) of this section shall be held in appropriate escrow accounts administered for the Secretary by the Secretary of the Treasury.
Consistent with the disbursement requirements of this chapter, the Secretary of the Treasury shall provide that amounts described in subsection (a) of this section shall earn interest at the maximum rate earned on investments of Federal trust funds by the Secretary of the Treasury in short-term and long-term securities issued by the Federal Government (including minority bank investments).
The Emergency Petroleum Allocation Act of 1973, referred to in subsec. (a)(1), is Pub. L. 93–159, Nov. 27, 1973, 87 Stat. 628, as amended, which was classified generally to chapter 16A (§ 751 et seq.) of this title, was omitted from the Code pursuant to section
760g of this title, which provided for the expiration of the President’s authority under that chapter on Sept. 30, 1981.
The Economic Stabilization Act of 1970, referred to in subsec. (a)(1), is title II of Pub. L. 91–379, Aug. 15, 1970, 84 Stat. 799, as amended, formerly set out as an Economic Stabilization Provisions note under section
1904 of Title
12, Banks and Banking.
Section 155 ofPublic Law 97–377, referred to in subsec. (c)(1), is section 155 ofPub. L. 97–377, title I, Dec. 21, 1982, 96 Stat. 1919, which is not classified to the Code.
Section 3001 ofPub. L. 99–509provided that: “This subtitle [subtitle A (§§ 3001–3008) of title III of Pub. L. 99–509, enacting this chapter] may be cited as the ‘Petroleum Overcharge Distribution and Restitution Act of 1986’.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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