---
kind: "section"
citation: "46 U.S.C. § 53308"
title: "46"
title_heading: "Shipping"
number: "53308"
heading: "Order and proportions of deposits and withdrawals"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/46/53308"
units:
  - "Subtitle V — Merchant Marine"
  - "Part C — Financial Assistance Programs"
  - "Chapter 533 — Construction Reserve Funds"
---

# §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- (2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and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](/usc/46/53306.md), any expenditure, [obligation](/usc/46/53701.md?p=9), 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.

## Source credit

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1589.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised<br>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. |