§1916 — Title 19 Customs Duties | U.S. Code

Summary

The Secretary of Commerce can manage guarantees, deferred participation agreements, and loans made under section 1914. The Secretary can require and handle security for those deals; sell, assign, or collect on debts and claims; fix up, insure, rent, or sell property received as part of the deals; buy, hold, transfer, or release property and sign the papers needed; and take other actions needed to carry out those duties. Any mortgage the Secretary gets as security under these powers must be recorded under the applicable State law.

Title 19, §1916

Customs Duties — Source: USLM XML via OLRC

(a)In making and administering guarantees, agreements for deferred participation, and loans under section 1914 11 See References in Text note below. of this title, the Secretary of Commerce may—

(1)require security for any such guarantee, agreement, or loan, and enforce, waive, or subordinate such security;

(2)assign or sell at public or private sale, or otherwise dispose of, upon such terms and conditions and for such consideration as he shall determine to be reasonable, any evidence of debt, contract, claim, personal property, or security assigned to or held by him in connection with such guarantees, agreements, or loans, and collect, compromise, and obtain deficiency judgments with respect to all obligations assigned to or held by him in connection with such guarantees, agreements, or loans until such time as such obligations may be referred to the Attorney General for suit or collection;

(3)renovate, improve, modernize, complete, insure, rent, sell, or otherwise deal with, upon such terms and conditions and for such consideration as he shall determine to be reasonable, any real or personal property conveyed to or otherwise acquired by him in connection with such guarantees, agreements, or loans;

(4)acquire, hold, transfer, release, or convey any real or personal property or any interest therein whenever deemed necessary or appropriate, and execute all legal documents for such purposes; and

(5)exercise all such other powers and take all such other acts as may be necessary or incidental to the carrying out of functions pursuant to section 1914 of this title.

(b)Any mortgage acquired as security under subsection (a) shall be recorded under applicable State law.

Editorial Notes

References in Text

section 1914 of this title, referred to in subsec. (a), was repealed by Pub. L. 93–618, title VI, § 602(e), Jan. 3, 1975, 88 Stat. 2072.

§1916 Administration of financial assistance; recording of mortgages

Summary

Title 19, §1916

Notes & Related Subsidiaries

Editorial Notes

References in Text

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