2013 US Code
Title 7 - Agriculture
Chapter 31 - RURAL ELECTRIFICATION AND TELEPHONE SERVICE (§§ 901 - 950bb-1)
Subchapter I - RURAL ELECTRIFICATION (§§ 901 - 918c)
Section 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 7 - AGRICULTURE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 7 - AGRICULTURE CHAPTER 31 - RURAL ELECTRIFICATION AND TELEPHONE SERVICE SUBCHAPTER I - RURAL ELECTRIFICATION Sec. 907 - Acquisition of property pledged for loans; disposition; sale of pledged property by borrower |
Contains | section 907 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | No |
Disposition | standard |
Source Credit | May 20, 1936, ch. 432, title I, §7, 49 Stat. 1365; Oct. 28, 1949, ch. 776, §§2, 4(f), 63 Stat. 948; Pub. L. 103-354, title II, §235(a)(13), Oct. 13, 1994, 108 Stat. 3221. |
Statutes at Large References | 49 Stat. 1365 63 Stat. 948 108 Stat. 3221 |
Public Law References | Public Law 103-354 |
Download PDF
The Secretary is authorized and empowered to bid for and purchase at any foreclosure or other sale, or otherwise to acquire, property pledged or mortgaged to secure any loan made pursuant to this chapter; to pay the purchase price and any costs and expenses incurred in connection therewith from the sums authorized in section 903 of this title; to accept title to any property so purchased or acquired in the name of the United States of America; to operate or lease such property for such period as may be deemed necessary or advisable to protect the investment therein, but not to exceed five years after the acquisition thereof; and to sell such property so purchased or acquired, upon such terms and for such consideration as the Secretary shall determine to be reasonable.
No borrower of funds under sections 904 or 922 of this title shall, without the approval of the Secretary, sell or dispose of its property, rights, or franchises, acquired under the provisions of this chapter, until any loan obtained from the Rural Electrification Administration, including all interest and charges, shall have been repaid.
(May 20, 1936, ch. 432, title I, §7, 49 Stat. 1365; Oct. 28, 1949, ch. 776, §§2, 4(f), 63 Stat. 948; Pub. L. 103–354, title II, §235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)
AMENDMENTS1994—Pub. L. 103–354 substituted "Secretary" for "Administrator" wherever appearing.
1949—Act Oct. 28, 1949, inserted "or section 922" after "904" in second par., and inserted "title I," in credit of act May 20, 1936.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.