# 1 Transfer of substitute vessels
See References in Text note below.
January 1, 1937[^1]
In the case of any vessel constructed in the United States after , which has been taken by the United States for use in any manner, the Secretary of Transportation, if in his opinion the transfer would aid in carrying out the policies of this Act, is authorized to transfer to the owner of such vessel another vessel which is deemed by the Secretary to be of comparable type with adjustments for depreciation and difference in design or speed, and to the extent applicable, such other adjustments and terms and conditions, including transfer of mortgage obligations in favor of the United States binding upon the old vessel, as the Secretary may prescribe.
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**Source Credit**: (Added and amended Pub. L. 115–91, div. C, title XXXV, § 3502(a)(2), (b)(5), Dec. 12, 2017, 131 Stat. 1910.)
## Editorial Notes
### References in Text
This Act, referred to in text, means , , known as the Merchant Ship Sales Act of 1946, which was classified principally to chapter 54 (§ 4401 et seq.) of Title 50, War and National Defense. The Act has been repealed, except for sections 8(d) and 11, which were transferred to this section and , respectively, by . Provisions relating to the policies of the Act were contained in prior to repeal by .
### Codification
Section, as added and amended by , is based on , , as amended by , , , which was formerly classified to , War and National Defense, before being transferred to this chapter and renumbered as this section.
### Amendments
2017—, which directed striking out “adjustments with respect to the retained vessels as provided for in section 9, and”, was executed by striking out “adjustments with respect to the retained vessel as provided for in section 9, and” after “extent applicable,” to reflect the probable intent of Congress.
, which directed insertion of “of Transportation” after “Secretary”, was executed by making the insertion after “Secretary” the first time appearing to reflect the probable intent of Congress.
, inserted section enumerator and catchline.
, transferred section 8(d) of act , to this chapter and renumbered it as this section. See Codification note above.