§ 57301. Definitions
§ 57301.
Definitions
In this chapter:
(1)
New vessel.—
The term “new vessel” means a vessel—
(A)
constructed under this subtitle and acquired within 2 years after the date of completion; or
(B)
constructed in a domestic shipyard on private account and not under this subtitle, and documented under the laws of the United States.
(2)
Obsolete vessel.—
The term “obsolete vessel” means a vessel that—
(A)
is of at least 1,350 gross tons;
(B)
the Secretary of Transportation believes should, because of its age, obsolescence, or other reasons, be replaced in the public interest; and
(C)
has been owned by a citizen of the United States for at least 3 years immediately before its acquisition under this chapter.