---
kind: "section"
citation: "46 U.S.C. § 53514"
title: "46"
title_heading: "Shipping"
number: "53514"
heading: "Relationship of old fund to new fund"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/46/53514"
units:
  - "Subtitle V — Merchant Marine"
  - "Part C — Financial Assistance Programs"
  - "Chapter 535 — Capital Construction Funds"
---

# §53514. Relationship of old fund to new fund

- (a) **Definition.—** In this section, the term “old fund” means a capital [construction](/usc/46/53701.md?p=3) fund maintained before October 21, 1970.
- (b) **Election To Maintain Old Fund.—** A [person](/usc/46/53101.md?p=6) maintaining an old fund may elect to continue the old fund, but may not—
  - (1) hold amounts in the old fund beyond the expiration date provided in the [agreement](/usc/46/53201.md?p=8) under which the old fund is maintained (determined without regard to an extension or renewal made after April 14, 1970); or
  - (2) maintain simultaneously the old fund and a new fund established under this chapter.
- (c) **Application of New Fund Agreement to Old Fund Amounts.—** If a [person](/usc/46/53101.md?p=6) makes an [agreement](/usc/46/53201.md?p=8) under this chapter to establish a new fund, the [person](/usc/46/53101.md?p=6) may agree to extend the [agreement](/usc/46/53201.md?p=8) to some or all of the amounts in an old fund. Each item in the old fund to be transferred shall be transferred in a nontaxable transaction to the appropriate account in the new fund. For purposes of [section 53511(c)(3) of this title](/usc/46/53511.md?p=c-3), the date of the deposit of an item so transferred shall be July 1, 1971, or the date of the deposit in the old fund, whichever is later.

## Source credit

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised<br>Section | Source (U.S. Code) | Source (Statutes at Large) |
| 53514 | 46 App.:1177(j). | June 29, 1936, ch. 858, title VI, § 607(j), 49 Stat. 2005; June 23, 1938, ch. 600, §§ 23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, § 10, 53 Stat. 1185; July 17, 1952, ch. 939, §§ 17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, § 1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, § 6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, § 21(a), Oct. 21, 1970, 84 Stat. 1031. |