Amendment of MARAD's Regulations Establishing and Administering Deposit Funds Authorized by Section 1109 of the Merchant Marine Act, 1936, as Amended

maritime · Maritime Administration · Published 2002-09-30 · Effective 2002-10-30 · 67 FR 61280

Document

Document number: 02-24695
Federal Register citation: 67 FR 61280
CFR reference: 46 CFR 298
Type: Rule
Action: Final rule.
Category: maritime
Sub-agency: Maritime Administration
Publication date: 2002-09-30
Effective date: 2002-10-30
DOT docket: Docket No. MARAD-2002-12425

Abstract

Recent legislation modified the Merchant Marine Act, 1936, as amended, by adding a new Section 1109, which authorizes the Secretary of Transportation to hold funds from Title XI obligors as collateral by depositing them with the United States Treasury and investing them in Treasury obligations. As a consequence, these funds need no longer be deposited in private banks. This final rule changes existing procedures to simplify, reduce costs of, and expedite Title XI closings.

Source

Authoritative: Federal Register document
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