2016 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 537 - Loans and Guarantees
Subchapter II - Default Provisions
Sec. 53722 - Actions by Secretary or Administrator
46 U.S.C. § 53722 (2016) | ||||||||||||
§53722. Actions by Secretary or Administrator | ||||||||||||
(a) General Authority.—On default under an obligation or related agreement between the Secretary or Administrator and the obligor, the Secretary or Administrator, on terms that may be provided in the obligation or agreement, may— (1) assume the obligor's rights and duties under the obligation or agreement, make any payment in default, and notify the obligee or the obligee's agent of the default and the Secretary's or Administrator's assumption; or (2) notify the obligee or the obligee's agent of the default. (b) Demands by Obligees.— (1) Demand.—If the Secretary or Administrator proceeds under subsection (a)(2), the obligee or the obligee's agent may demand that the Secretary or Administrator pay the unpaid principal amount of the obligation and the unpaid interest on the obligation. The demand must be made within the earlier of— (A) a period that may be specified in the guarantee or a related agreement; or (B) 60 days from the date of the Secretary's or Administrator's notice. (2) Payment.—If a demand is made under paragraph (1), the Secretary or Administrator shall pay to the obligee or the obligee's agent the unpaid principal amount of the obligation and the unpaid interest on the obligation to the date of payment. Payment shall be made within the earlier of— (A) a period that may be specified in the guarantee or a related agreement; or (B) 30 days from the date of the demand. (c) Continued Effect of Guarantee.—A guarantee of an obligation remains in effect after an assumption of the obligation by the Secretary or Administrator. (d) Additional Responses.—If there is a default on an obligation, the Secretary or Administrator shall conduct operations under this chapter in a manner that— (1) maximizes the net present value return from the sale or disposition of assets associated with the obligation, including prompt referral to the Attorney General for collection as appropriate; (2) minimizes the amount of any loss realized in the resolution of the guarantee; (3) ensures adequate competition and fair and consistent treatment of offerors; and (4) requires appraisal of assets by an independent appraiser. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1618; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), (F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (11), (b), Jan. 28, 2008, 122 Stat. 598.) |
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In subsection (a), before paragraph (1), the words "an obligation or related agreement" are substituted for "a mortgage, loan agreement, or other security agreement" for consistency in the revised chapter. AMENDMENTS2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C), (F). See 2006 Amendment note below. Pub. L. 110–181, 3522(a)(10)(B), (11), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(C), (F), into this section by inserting "or Administrator" after "Secretary" in section catchline and wherever appearing in subsecs. (a) to (c) and "or Administrator's" after "Secretary's" in subsecs. (a)(1) and (b)(1)(B). 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. Subsec. (d). Pub. L. 110–181, §3522(a)(10)(B), inserted "or Administrator" after "Secretary" in introductory provisions. 2006—Pub. L. 109–163, §3507(a)(1)(C), (F), which directed the amendment of sections 1273(e) and 1275(b) of the former Appendix to this title from which this section was derived in part, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment notes and Historical and Revision notes above. |
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United States Code, 2012 Edition, Supplement 4, Title 46 - SHIPPING | ||||||||||||
Bills and Statutes | ||||||||||||
United States Code | ||||||||||||
Y 1.2/5: | ||||||||||||
Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 537 - LOANS AND GUARANTEES SUBCHAPTER II - DEFAULT PROVISIONS Sec. 53722 - Actions by Secretary or Administrator |
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section 53722 | ||||||||||||
2016 | ||||||||||||
January 6, 2017 | ||||||||||||
Yes | ||||||||||||
standard | ||||||||||||
52 Stat. 971 67 Stat. 626 68 Stat. 1272 70 Stat. 1087 72 Stat. 358 84 Stat. 1035 86 Stat. 914 95 Stat. 166 98 Stat. 3130, 3131 117 Stat. 1801 119 Stat. 3555 120 Stat. 1618 122 Stat. 598 |
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Public Law 85-520, Public Law 91-469, Public Law 92-507, Public Law 97-31, Public Law 98-595, Public Law 108-136, Public Law 109-163, Public Law 109-304, Public Law 110-181 |