2018 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 537 - Loans and Guarantees
Subchapter II - Default Provisions
Sec. 53725 - Actions against obligor
| 46 U.S.C. § 53725 (2018) | ||||||
| §53725. Actions against obligor | ||||||
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(a) In General.—For a default under a guaranteed obligation or related agreement, the Secretary or Administrator may take any action against the obligor or another liable party that the Secretary or Administrator considers necessary to protect the interests of the United States Government. A civil action may be brought in the name of the United States or the obligee. The obligee shall make available to the Government all records and evidence necessary to prosecute the action. (b) Title, Possession, and Purchase.— (1) In general.—The Secretary or Administrator may— (A) accept a conveyance of title to and possession of property from the obligor or another party liable to the Secretary or Administrator; and (B) purchase the property for an amount not greater than the unpaid principal amount of the obligation and interest thereon. (2) Payment of excess.—If, through the sale of property, the Secretary or Administrator receives an amount of cash greater than the unpaid principal amount of the obligation, the unpaid interest on the obligation, and the expenses of collecting those amounts, the Secretary or Administrator shall pay the excess to the obligor. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1619; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.) |
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In subsection (a), the words "may take any action" are substituted for "shall take such action . . . that, in his discretion, may be required" for clarity and to eliminate unnecessary words. AMENDMENTS2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(F). See 2006 Amendment note below. Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(F), into this section by inserting "or Administrator" after "Secretary" wherever appearing. 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. 2006—Pub. L. 109–163, §3507(a)(1)(F), which directed the amendment of section 1275(e) of the former Appendix to this title from which this section was derived, 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, 2018 Edition, Title 46 - SHIPPING | ||||||
| Bills and Statutes | ||||||
| United States Code | ||||||
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| Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 537 - LOANS AND GUARANTEES SUBCHAPTER II - DEFAULT PROVISIONS Sec. 53725 - Actions against obligor |
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| section 53725 | ||||||
| 2018 | ||||||
| January 14, 2019 | ||||||
| Yes | ||||||
| standard | ||||||
| 52 Stat. 971 67 Stat. 626 68 Stat. 1272 70 Stat. 1087 72 Stat. 358 84 Stat. 1035 86 Stat. 915 95 Stat. 166 98 Stat. 3131 119 Stat. 3555 120 Stat. 1619 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 109-163, Public Law 109-304, Public Law 110-181 |
