2018 US Code
Title 38 - Veterans' Benefits
Part II - General Benefits
Chapter 20 - Benefits for Homeless Veterans
Subchapter VI - Loan Guarantee for Multifamily Transitional Housing
Sec. 2053 - Default
| 38 U.S.C. § 2053 (2018) |
| §2053. Default |
|
(a) The Secretary shall take such steps as may be necessary to obtain repayment on any loan that is in default and that is guaranteed under this subchapter. (b) Upon default of a loan guaranteed under this subchapter and terminated pursuant to State law, a lender may file a claim under the guarantee for an amount not to exceed the lesser of— (1) the maximum guarantee; or (2) the difference between— (A) the total outstanding obligation on the loan, including principal, interest, and expenses authorized by the loan documents, through the date of the public sale (as authorized under such documents and State law); and (B) the amount realized at such sale. |
|
(Added Pub. L. 105–368, title VI, §601(a), Nov. 11, 1998, 112 Stat. 3344, §3774; renumbered §2053, Pub. L. 107–95, §5(d)(1), Dec. 21, 2001, 115 Stat. 918.) |
|
AMENDMENTS
2001—Pub. L. 107–95 renumbered section 3774 of this title as this section. EFFECTIVE DATESection effective Oct. 1, 1998, see section 602(f) of Pub. L. 105–368, set out as an Effective Date of 1998 Amendment note under section 2106 of this title. |
| United States Code, 2018 Edition, Title 38 - VETERANS' BENEFITS |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 38 - VETERANS' BENEFITS PART II - GENERAL BENEFITS CHAPTER 20 - BENEFITS FOR HOMELESS VETERANS SUBCHAPTER VI - LOAN GUARANTEE FOR MULTIFAMILY TRANSITIONAL HOUSING Sec. 2053 - Default |
| section 2053 |
| 2018 |
| January 14, 2019 |
| Yes |
| standard |
| 112 Stat. 3344 115 Stat. 918 |
| Public Law 105-368, Public Law 107-95 |
