The Secretary may consider, ascertain, adjust, determine, compromise, or settle claims for damage cognizable in admiralty in a district court of the United States and all claims for damage caused by a vessel or floating object, to property of the United States under the jurisdiction of the Coast Guard or property for which the Coast Guard may have assumed, by contract or otherwise, any obligation to respond for damage thereto. The Secretary is further authorized to receive in payment of any such claim the amount due the United States pursuant to determination, compromise, or settlement as herein authorized and, upon acceptance of such payment but not until then, such determination, settlement, or compromise of such claim shall be final and conclusive for all purposes, any law to the contrary notwithstanding. All such payments shall be deposited in the Treasury of the United States as miscellaneous receipts. The Secretary is further authorized to execute on behalf of the United States and to deliver in exchange for such payment a full release of such claim. This section, as respects the determination, compromise, settlement, and payment of claims, shall be supplementary to, and not in lieu of, all other provisions of law authorizing the determination, compromise, or settlement of claims for damage to property hereinabove described. No settlement or compromise where there is involved a payment in the net amount of over $100,000 is authorized by this section.

(Aug. 4, 1949, ch. 393, 63 Stat. 549, § 647; Pub. L. 86–533, § 1(3)(B), June 29, 1960, 74 Stat. 245; Pub. L. 94–546, § 1(34), Oct. 18, 1976, 90 Stat. 2521; Pub. L. 98–557, § 17(b)(3)(A), Oct. 30, 1984, 98 Stat. 2868; renumbered § 938, Pub. L. 115–282, title I, § 107(b), Dec. 4, 2018, 132 Stat. 4205.)