46 USC 53308 – Order and proportions of deposits and withdrawals
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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(2) amounts expended, obligated, or otherwise withdrawn shall be applied against the amounts deposited in the fund in the order of deposit; and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, any expenditure, obligation, 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.
Terms Used In 46 USC 53308
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.