PRIA, Government Policy, Made Personal

Summary

When the Commerce Department makes or manages guarantees, deferred-participation agreements, or loans, the Secretary may require collateral. The Secretary can enforce that collateral, waive it, or change its priority. The Secretary may sell or assign debts, contracts, claims, or other property and may collect, settle, or seek court judgments for unpaid amounts until matters are sent to the Attorney General. The Secretary may repair, insure, rent, sell, buy, hold, transfer, release, or otherwise handle any real or personal property and sign the legal papers needed. Any mortgage taken as security must be recorded according to state law.

Title 19, §1916

Customs Duties, Source: USLM XML via OLRC

(a)Guarantees, agreements for deferred participation, and loans

In making and administering guarantees, agreements for deferred participation, and loans under section 1914 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)Mortgages

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

Citations & Metadata