42 U.S.C. § 4527: General powers of Secretary

Summary

The Secretary has extra powers when carrying out duties under this part. He gets the functions, powers, and duties listed in section 1749a of title 12, except for subsections (c)(2), (c)(4), (d), and (f). Subsection (a)(1) of section 1749a of title 12 does not apply to his duties under section 4520 of this title. The Secretary may, even if other laws say otherwise, make contracts that end a private new community developer’s or State land development agency’s redemption or other rights in mortgages, deeds, or trusts if there is a default. He may also foreclose, start legal actions to protect his rights, and bid for or buy property at foreclosure or other sales. After acquiring property, he may finish, manage, remodel, convert, sell, lease, or otherwise handle it. He may also pursue and collect claims tied to any security, subrogation, or other rights he gets in administering this part, including by compromise.

Title 42, §4527

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In the performance of, and with respect to, the functions, powers, and duties vested in him by this part, the Secretary, in addition to any authority otherwise vested in him, shall—

(1)have the functions, powers, and duties (including the authority to issue rules and regulations) set forth in section 1749a, except subsections (c)(2), (c)(4), (d), and (f), of title 12: Provided, That subsection (a)(1) of section 1749a of title 12 shall not apply with respect to functions, powers, and duties under section 4520 of this title;

(2)have the power, notwithstanding any other provision of law, in connection with any assistance under this part, whether before or after any default, to provide by contract for the extinguishment upon default of any redemption, equitable, legal, or other right, title, or interest of the private new community developer or State land development agency in any mortgage, deed, trust, or other instrument held by or on behalf of the Secretary for the protection of the security interests of the United States; and

(3)have the power to foreclose on any property or commence any action to protect or enforce any right conferred upon him by law, contract, or other agreement, and bid for and purchase at any foreclosure or other sale any property in connection with which he has provided assistance pursuant to this part. In the event of any such acquisition, the Secretary may, notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property. Notwithstanding any other provision of law, the Secretary shall also have power to pursue to final collection by way of compromise or otherwise all claims acquired by him in connection with any security, subrogation, or other rights obtained by him in administering this part.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Section 1749a of title 12, referred to in par. (1), was repealed by Pub. L. 99–498, title VII, § 702, Oct. 17, 1986, 100 Stat. 1545. section 4520 of this title, referred to in par. (1), was repealed by Pub. L. 98–181, title I [title IV, § 474(e)], Nov. 30, 1983, 97 Stat. 1239.

§4527 General Powers of Secretary

Summary

Title 42, §4527

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata