2011 US Code
Title 41 - Public Contracts
Subtitle I - Federal Procurement Policy (§§ 101 - 4711)
Division C - Procurement (§§ 3101 - 4711)
Chapter 45 - CONTRACT FINANCING (§§ 4501 - 4506)
Section 4503 - Security for advance payments
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 41 - PUBLIC CONTRACTS |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 41 - PUBLIC CONTRACTS Subtitle I - Federal Procurement Policy Division C - Procurement CHAPTER 45 - CONTRACT FINANCING Sec. 4503 - Security for advance payments |
| Contains | section 4503 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 111-350, §3, Jan. 4, 2011, 124 Stat. 3791. |
| Statutes at Large References | 63 Stat. 396 66 Stat. 594 72 Stat. 966 108 Stat. 3304 124 Stat. 3791 |
| Public Law References | Public Law 85-800, Public Law 103-355, Public Law 111-350 |
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Advance payments under section 4501 of this title may be made only on adequate security and a determination by the agency head that to do so would be in the public interest. The security may be in the form of a lien in favor of the Federal Government on the property contracted for, on the balance in an account in which the payments are deposited, and on such of the property acquired for performance of the contract as the parties may agree. This lien shall be paramount to all other liens and is effective immediately upon the first advancement of funds without filing, notice, or any other action by the Federal Government.
(Pub. L. 111–350, §3, Jan. 4, 2011, 124 Stat. 3791.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 4503 | 41:255(d). | June 30, 1949, ch. 288, title III, §305(d), 63 Stat. 396; July 12, 1952, ch. 703, §1(m), 66 Stat. 594; Pub. L. 85–800, §4, Aug. 28, 1958, 72 Stat. 966; Pub. L. 103–355, title II, §2051(a)(4), (5), (d), Oct. 13, 1994, 108 Stat. 3304. |
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