2015 US Code
Title 50 - War and National Defense (Sections 1 - 4705)
Chapter 50 - Servicemembers Civil Relief (Sections 3901 - 4043)
Subchapter IV - Life Insurance (Sections 3971 - 3979)
Sec. 3977 - Premiums and interest guaranteed by United States
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 50 - WAR AND NATIONAL DEFENSE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 50 - WAR AND NATIONAL DEFENSE CHAPTER 50 - SERVICEMEMBERS CIVIL RELIEF SUBCHAPTER IV - LIFE INSURANCE Sec. 3977 - Premiums and interest guaranteed by United States |
| Contains | section 3977 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Oct. 17, 1940, ch. 888, title IV, §407, as added Pub. L. 108-189, §1, Dec. 19, 2003, 117 Stat. 2853. |
| Statutes at Large References | 54 Stat. 1185 56 Stat. 775 72 Stat. 1272 105 Stat. 40 117 Stat. 2853 |
| Public and Private Laws | Public Law 85-857, Public Law 102-12, Public Law 108-189 |
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Payment of premiums, and interest on premiums at the rate specified in section 3976 of this title, which become due on a policy under the protection of this subchapter is guaranteed by the United States. If the amount guaranteed is not paid to the insurer before the period of insurance protection under this subchapter expires, the amount due shall be treated by the insurer as a policy loan on the policy.
(2) Policy terminationIf, at the expiration of insurance protection under this subchapter, the cash surrender value of a policy is less than the amount due to pay premiums and interest on premiums on the policy, the policy shall terminate. Upon such termination, the United States shall pay the insurer the difference between the amount due and the cash surrender value.
(b) Recovery from insured of amounts paid by the United States(1) Debt payable to the United StatesThe amount paid by the United States to an insurer under this subchapter shall be a debt payable to the United States by the insured on whose policy payment was made.
(2) CollectionSuch amount may be collected by the United States, either as an offset from any amount due the insured by the United States or as otherwise authorized by law.
(3) Debt not dischargeable in bankruptcySuch debt payable to the United States is not dischargeable in bankruptcy proceedings.
(c) Crediting of amounts recoveredAny amounts received by the United States as repayment of debts incurred by an insured under this subchapter shall be credited to the appropriation for the payment of claims under this subchapter.
(Oct. 17, 1940, ch. 888, title IV, §407, as added Pub. L. 108–189, §1, Dec. 19, 2003, 117 Stat. 2853.)
CODIFICATIONSection was formerly classified to section 547 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.
PRIOR PROVISIONSA prior section 407 of act Oct. 17, 1940, ch. 888, art. IV, 54 Stat. 1185; Oct. 6, 1942, ch. 581, §13, 56 Stat. 775; Pub. L. 85–857, §14(76), Sept. 2, 1958, 72 Stat. 1272; Pub. L. 102–12, §9(17), Mar. 18, 1991, 105 Stat. 40, related to regulations and finality of determinations, prior to the general amendment of this Act by Pub. L. 108–189. See sections 3978 and 3979 of this title.
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