An Act to amend certain provisions of title XI of the Merchant Marine Act, 1936, as amended, to facilitate private financing of passenger vessels in the interest of national defense, and for other purposes.
PL 84-1017 (H.R.11554), enacted 08/07/1956

70 
S T A T . ] 
PUBUC LAW 1017-AUG. 7, 1956 
1087 
(c) "United States", when used in a geographic sense, means tlie 
several States, the District of Columbia, the Territories, the posses-
sions, and the Commonwealth of Puerto Rico; 
(d) "State" includes the several States, the District of Columbia, the 
Territories, the possessions, and the Commonwealth of Puerto Rico; 
and 
(e) "Administrator" means the Housing and Home Finance Ad-
ministrator. 
SEPARABILITY PROVISION 
SEC. 23. If any provision of this Act or the application of such pro-
vision to any person or circumstances shall be held invalid, the re-
mainder of the Act and the application of such provision to any person 
or circumstance other than those as to which it is held invalid shall 
not be affected thereby. 
Approved August 7, 1956. 
Public Law 1017 
CHAPTER 1026 
AN ACT 
To amend certain provisions of title XI of the Merchant Marine Act, 1936, as 
amended, to facilitate private financing of merchant vessels in the interest of 
national defense, and for other purposes. 
August 7, 1956 
[H. R. 11554] 
Be it enacted iy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That title X I of 
the Merchant Marine Act, 1936, as amended (46 U. S. C. 1271-1279), 
is amended as follows: 
(a) Sections 1101 (f) andll03 (a),and (b), are amended by striking 
out the words "90 per centum of" wherever those words appear in such 
sections. 
(b) Section 1101 (f) is amended by striking out of the proviso the 
words "except for certain special-purpose vessels as provided for in 
subsections (a) and (b) of section 1103 (46 U. S. C. 1273)" and the 
commas which immediately precede and follow those words. 
(c) Section 1103 (a) and (b) are amended by striking out the 
provisos. 
(d) Section 1103 (d) is amended to read as follows: "(d) The faith 
of the United States is solemnly pledged to the payment of interest on 
and the unpaid balance of the principal amount of each mortgage and 
loan insured under this title." 
(e) Section 1105 (a) (1) and (a) (2) are amended by striking out 
the words "the insured portion of" wherever such words appear in 
those sections. 
(f) The last sentence of section 1105 (c) (1) is amended to read as 
follows: "In the event the Secretary of Commerce shall receive through 
the sale of the vessel an amount of cash in excess of any payment made 
to the mortgagee under subsection (a) (1) of this section, and the 
expenses of collection of such amount, he shall pay such excess to 
the borrower." 
(g) The last sentence of section 1105 (c) (2) is amended to read as 
follows: "In the event the Secretary of Commerce shall receive 
through the sale of the property an amount of cash in excess of any 
payment made to the lender under subsection (a) (2) of this section 
and the expenses of collection of such amount, he shall pay such excess 
to the borrower." 
Approved August 7, 1956. 
M e r c h a nt ve s-
sels. 
P r i v a t e financ-
ing. 
68 Stat. 1267.