Page:United States Statutes at Large Volume 68 Part 1.djvu/614

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PUBLIC LAW 5 5 3 - J U L Y 29, 1954

[68 S T A T.

was taken by the United States from the said tribe at any time prior to the effective date of said agreement; (2) whether, and in what amount, if any, the Navajo Tribe is entitled on the basis of such determination to compensation for the acquisition or taking, by the United States, of the property interest or any part thereof covered by such assignment; and (3) whether, and in what amount, if any, the United States is entitled to credit against such compensation for rentals on such lease or for other expenditures, borne by the United States, for the benefit of such lease prior to any such acquisition or taking by the United States; and to enter judgment in accordance with such determinations. No offsets shall be deducted by the court from any net sum, and the interest thereon, if any, that the court awards under this section. The provisions of the last two sentences of section 1 of this Act shall be applicable to any judgment entered pursuant to this section." Approved July 29, 1954.

Public Law 553

CHAPTER 642

July 29, 1954 JOINT RESOLUTION [H. J. Res. 534] rp^ authorize the Secretary of Coiumerce to sell certain war-built passenger-cargo vessels, and for other purposes.

Resolved by the Senate mid House of Representatives of the United War b u i l t veS' States of America in Congress assembled, That (a) the Secretary of sels, etc. saie'to'American Commerce is hereby authorized, during a period of six months after President Lines, ^j^^ enactment of this Act, to sell to American President Lines, Limited, the war-built passenger-cargo vessels, the steamship President Cleveland and the steamship President Wilson, on an as-is where-is basis, at the sales price of $6,500,000 per vessel and from such price there shall be subtracted, as depreciation, $1,225 per day per vessel for the period beginning April 1, 1954, and ending with date of execution of the contract of sale of the respective vessel. Each such sale shall be on the basis of the payment of not less than 25 per centum of the respective vessel sales price at the time of the execution of such vessel sales contract, with balance payable in approximately equal annual installments over the remainder of the twenty-year economic life of the vessel with interest on the portion of the vessel sales price .;. remaining unpaid at the rate of 3^^ per centum per annum. The obligation of the purchaser with respect to payment of such unpaid balance, with interest, shall be secured by a preferred mortgage on the vessel sold, which mortgage may provide that the sole recourse against the purchaser of the vessel under such mortgage, and any of the notes secured thereby, shall be limited to repossession of the vessel by the United States and the assignment of insurance claims, if the purchaser shall have complied with all provisions of the mortgage other than those relating to the payment of principal and interest when due, and the obligation of the purchaser shall be satisfied and discharged by the surrender of the vessel, and all right, title, and interest therein to the United States. Such vessel upon surrender shall be (1) free and clear of all liens and encumbrances whatsoever, except the lien of the jjreferred mortgage, (2) in class, and (3) in as good order and condition, ordinary wear and tear excepted, as when acquired by the purchaser, except that any deficiencies with respect to freedom from encumbrances, condition, and class, may, to the extent covered by valid policies of insurance, be satisfied by the assignment to the United States of claims of the purchaser under such policies of insurance.

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