[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 33USC2705]
TITLE 33--NAVIGATION AND NAVIGABLE WATERS
CHAPTER 40--OIL POLLUTION
SUBCHAPTER I--OIL POLLUTION LIABILITY AND COMPENSATION
Sec. 2705. Interest; partial payment of claims
(a) General rule
The responsible party or the responsible party's guarantor is liable
to a claimant for interest on the amount paid in satisfaction of a claim
under this Act for the period described in subsection (b) of this
section. The responsible party shall establish a procedure for the
payment or settlement of claims for interim, short-term damages. Payment
or settlement of a claim for interim, short-term damages representing
less than the full amount of damages to which the claimant ultimately
may be entitled shall not preclude recovery by the claimant for damages
not reflected in the paid or settled partial claim.
(b) Period
(1) In general
Except as provided in paragraph (2), the period for which
interest shall be paid is the period beginning on the 30th day
following the date on which the claim is presented to the
responsible party or guarantor and ending on the date on which the
claim is paid.
(2) Exclusion of period due to offer by guarantor
If the guarantor offers to the claimant an amount equal to or
greater than that finally paid in satisfaction of the claim, the
period described in paragraph (1) does not include the period
beginning on the date the offer is made and ending on the date the
offer is accepted. If the offer is made within 60 days after the
date on which the claim is presented under section 2713(a) of this
title, the period described in paragraph (1) does not include any
period before the offer is accepted.
(3) Exclusion of periods in interests of justice
If in any period a claimant is not paid due to reasons beyond
the control of the responsible party or because it would not serve
the interests of justice, no interest shall accrue under this
section during that period.
(4) Calculation of interest
The interest paid under this section shall be calculated at the
average of the highest rate for commercial and finance company paper
of maturities of 180 days or less obtaining on each of the days
included within the period for which interest must be paid to the
claimant, as published in the Federal Reserve Bulletin.
(5) Interest not subject to liability limits
(A) In general
Interest (including prejudgment interest) under this
paragraph is in addition to damages and removal costs for which
claims may be asserted under section 2702 of this title and
shall be paid without regard to any limitation of liability
under section 2704 of this title.
(B) Payment by guarantor
The payment of interest under this subsection by a guarantor
is subject to section 2716(g) of this title.
(Pub. L. 101-380, title I, Sec. 1005, Aug. 18, 1990, 104 Stat. 493; Pub.
L. 104-324, title XI, Sec. 1142(a), Oct. 19, 1996, 110 Stat. 3991.)
References in Text
This Act, referred to in subsec. (a), is Pub. L. 101-380, Aug. 18,
1990, 104 Stat. 484, as amended, known as the Oil Pollution Act of 1990,
which is classified principally to this chapter. For complete
classification of this Act to the Code, see Short Title note set out
under section 2701 of this title and Tables.
Amendments
1996--Pub. L. 104-324, Sec. 1142(a)(1), inserted ``; partial payment
of claims'' after ``Interest'' in sect
