46 USC 30529 – Action by owner for limitation
(a)
Terms Used In 46 USC 30529
- Trustee: A person or institution holding and administering property in trust.
- vessel: includes every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water. See 1 USC 3
(b)
(1) deposit with the court, for the benefit of claimants—
(A) an amount equal to the value of the owner’s interest in the vessel and pending freight, or approved security; and
(B) an amount, or approved security, that the court may fix from time to time as necessary to carry out this chapter; or
(2) transfer to a trustee appointed by the court, for the benefit of claimants—
(A) the owner’s interest in the vessel and pending freight; and
(B) an amount, or approved security, that the court may fix from time to time as necessary to carry out this chapter.
(c)