2012 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine (§§ 50101 - 58109)
Part C - Financial Assistance Programs (§§ 53101 - 54101)
Chapter 537 - LOANS AND GUARANTEES (§§ 53701 - 53735)
Subchapter II - DEFAULT PROVISIONS (§§ 53721 - 53725)
Section 53722 - Actions by Secretary or Administrator
Publication Title | United States Code, 2012 Edition, Title 46 - SHIPPING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 537 - LOANS AND GUARANTEES SUBCHAPTER II - DEFAULT PROVISIONS Sec. 53722 - Actions by Secretary or Administrator |
Contains | section 53722 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Pub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1618; Pub. L. 109-163, div. C, title XXXV, §3507(a)(1)(C), (F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110-181, div. C, title XXXV, §3522(a)(10)(B), (11), (b), Jan. 28, 2008, 122 Stat. 598. |
Statutes at Large References | 52 Stat. 971 67 Stat. 626 68 Stat. 1272 70 Stat. 1087 72 Stat. 358 84 Stat. 1035 86 Stat. 914 95 Stat. 166 98 Stat. 3130, 3131 117 Stat. 1801 119 Stat. 3555 120 Stat. 1618 122 Stat. 598 |
Public Law References | Public Law 85-520, Public Law 91-469, Public Law 92-507, Public Law 97-31, Public Law 98-595, Public Law 108-136, Public Law 109-163, Public Law 109-304, Public Law 110-181 |
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(a)
(1) assume the obligor's rights and duties under the obligation or agreement, make any payment in default, and notify the obligee or the obligee's agent of the default and the Secretary's or Administrator's assumption; or
(2) notify the obligee or the obligee's agent of the default.
(b)
(1)
(A) a period that may be specified in the guarantee or a related agreement; or
(B) 60 days from the date of the Secretary's or Administrator's notice.
(2)
(A) a period that may be specified in the guarantee or a related agreement; or
(B) 30 days from the date of the demand.
(c)
(d)
(1) maximizes the net present value return from the sale or disposition of assets associated with the obligation, including prompt referral to the Attorney General for collection as appropriate;
(2) minimizes the amount of any loss realized in the resolution of the guarantee;
(3) ensures adequate competition and fair and consistent treatment of offerors; and
(4) requires appraisal of assets by an independent appraiser.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1618; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), (F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (11), (b), Jan. 28, 2008, 122 Stat. 598.)
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
53722(a), (b) | 46 App.:1275(b). | June 29, 1936, ch. 858, title XI, §1105(b), as added June 23, 1938, ch. 600, §46, 52 Stat. 971; Aug. 15, 1953, ch. 513, §3, 67 Stat. 626; Sept. 3, 1954, ch. 1265, §5, 68 Stat. 1272; Aug. 7, 1956, ch. 1026, §1(e)–(g), 70 Stat. 1087; Pub. L. 85–520, July 15, 1958, 72 Stat. 358; Pub. L. 91–469, §33, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 914; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 98–595, §1(9), Oct. 30, 1984, 98 Stat. 3131. |
53722(c) | 46 App.:1273(e) (last sentence). | June 29, 1936, ch. 858, title XI, §1103(e) (last sentence), as added Pub. L. 98–595, §1(1), Oct. 30, 1984, 98 Stat. 3130. |
53722(d) | 46 App.:1275(f). | June 29, 1936, ch. 858, title XI, §1105(f), as added Pub. L. 108–136, title XXXV, §3524, Nov. 24, 2003, 117 Stat. 1801. |
In subsection (a), before paragraph (1), the words “an obligation or related agreement” are substituted for “a mortgage, loan agreement, or other security agreement” for consistency in the revised chapter.
Amendments2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C), (F). See 2006 Amendment note below.
Pub. L. 110–181, 3522(a)(10)(B), (11), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(C), (F), into this section by inserting “or Administrator” after “Secretary” in section catchline and wherever appearing in subsecs. (a) to (c) and “or Administrator's” after “Secretary's” in subsecs. (a)(1) and (b)(1)(B). See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title.
Subsec. (d). Pub. L. 110–181, §3522(a)(10)(B), inserted “or Administrator” after “Secretary” in introductory provisions.
2006—Pub. L. 109–163, §3507(a)(1)(C), (F), which directed the amendment of sections 1273(e) and 1275(b) of the former Appendix to this title from which this section was derived in part, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment notes and Historical and Revision notes above.
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