46 U.S. Code § 53308 - Order and proportions of deposits and withdrawals

§ 53308.
Order and proportions of deposits and withdrawals
In this chapter—
(1)
if the net proceeds of a sale or the net indemnity for a loss is deposited in more than one deposit, the amount consisting of the gain shall be deemed to be deposited first;
(2)
amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and
(3)
if a deposit consists in part of a gain not recognized under section 53306 of this title, any expenditure, obligation, or withdrawal applied against that deposit shall be deemed to be a gain in the proportion that the part of the deposit consisting of a gain bears to the total amount of the deposit.

Historical and Revision Notes

Revised

Section

Source (U.S. Code)

Source (Statutes at Large)

53308

46 App.:1161(e).

June 29, 1936, ch. 858, title V, § 511(e), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107.

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