{"data":{"id":"us/46-u.s.c.-53509","jurisdiction":"us","citation":"46 U.S.C. § 53509","heading":"Qualified withdrawals","body":"(a) In General.—Subject to subsection (b), a withdrawal from a capital construction fund is a qualified withdrawal if it is made under the terms of the agreement and is for—(1) the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel; or (2) the payment of the principal on indebtedness incurred in the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel. (b) Barges and Containers.—Except as provided in regulations prescribed by the Secretary, subsection (a) applies to a barge or container only if it is constructed in the United States. (c) Treatment as Nonqualified Withdrawal.—Under joint regulations, if the Secretary determines that a substantial obligation under an agreement is not being fulfilled, the Secretary, after notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.","path":["Title 46—SHIPPING","CHAPTER 535—CAPITAL CONSTRUCTION FUNDS"],"source_url":"https://uscode.house.gov/download/releasepoints/us/pl/119/103/xml_usc46@119-103.zip","current_through":"Public Law 119-103 (09/02/2026)","vintage":"","retrieved_at":"2026-09-10T06:00:50Z","sha256":"a778e1830419516691c0618b14755e069a956bd798e4690e63d0b0746ac11de2","source_id":"us","stale":false,"prev":"us/46-u.s.c.-53508","next":"us/46-u.s.c.-53510"},"notice":"GroundRules: Original legal text. Not legal advice."}