2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 38A - Single Family Mortgage Foreclosure (Sections 3751 - 3768)
Sec. 3768 - Deficiency judgment
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 38A - SINGLE FAMILY MORTGAGE FORECLOSURE Sec. 3768 - Deficiency judgment |
Contains | section 3768 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 103-327, title II, Sept. 28, 1994, 108 Stat. 2316. |
Statutes at Large Reference | 108 Stat. 2316 |
Public and Private Law | Public Law 103-327 |
Congressional Bill | S.2281 103rd Congress |
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If after deducting the payments provided for in section 3762 of this title, the price at which the security property is sold at a foreclosure sale is less than the unpaid balance of the debt secured by the security property, resulting in a deficiency, the Secretary may refer the matter to the Attorney General who may commence an action or actions against any or all debtors to recover the deficiency, unless such an action is specifically prohibited by the mortgage.
(2) Other recoveriesIn any action instituted pursuant to this section the United States may recover—
(A) any amount authorized by section 3011 of title 28; and
(B) the costs of the action.
(b) LimitationAny action commenced to recover a deficiency under this section must be brought not later than 6 years after the date of the last sale of the security property.
(Pub. L. 103–327, title II, Sept. 28, 1994, 108 Stat. 2316.)
CODIFICATIONSection is based on section 819 of title VIII of S. 2281, One Hundred Third Congress, as reported July 13, 1994, which was enacted into law by Pub. L. 103–327.
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