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 53725 - Actions against obligor
| 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. 53725 - Actions against obligor |
| Contains | section 53725 |
| 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. 1619; Pub. L. 109-163, div. C, title XXXV, §3507(a)(1)(F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110-181, div. C, title XXXV, §3522(a)(10)(B), (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. 915 95 Stat. 166 98 Stat. 3131 119 Stat. 3555 120 Stat. 1619 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 109-163, Public Law 109-304, Public Law 110-181 |
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(a)
(b)
(1)
(A) accept a conveyance of title to and possession of property from the obligor or another party liable to the Secretary or Administrator; and
(B) purchase the property for an amount not greater than the unpaid principal amount of the obligation and interest thereon.
(2)
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1619; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 53725 | 46 App.:1275(e). | June 29, 1936, ch. 858, title XI, §1105(e), 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. 915; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 98–595, §1(11), Oct. 30, 1984, 98 Stat. 3131. |
In subsection (a), the words “may take any action” are substituted for “shall take such action . . . that, in his discretion, may be required” for clarity and to eliminate unnecessary words.
Amendments2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(F). See 2006 Amendment note below.
Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(F), into this section by inserting “or Administrator” after “Secretary” wherever appearing. 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.
2006—Pub. L. 109–163, §3507(a)(1)(F), which directed the amendment of section 1275(e) of the former Appendix to this title from which this section was derived, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment notes and Historical and Revision notes above.
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