Title 46 — ShippingRelease 119-73not60
§53705 Pledge of United States Government
Title 46 › Subtitle Subtitle V— Merchant Marine › Part C— Financial Assistance Programs › Chapter 537— LOANS AND GUARANTEES › Subchapter I— GENERAL › § 53705
Summary
The U.S. government promises to pay guarantees made under this chapter, covering principal and interest, including interest that builds from the date of default until the guarantee is fully paid. A guarantee or promise to guarantee is final proof the obligation was eligible and cannot be challenged.
Full Legal Text
Title 46, §53705
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(a)The full faith and credit of the United States Government is pledged to the payment of a guarantee made under this chapter, for both principal and interest, including interest (as may be provided for in the guarantee) accruing between the date of default under a guaranteed obligation and the date of payment in full of the guarantee.
(b)A guarantee or commitment to guarantee made under this chapter is conclusive evidence of the eligibility of the obligation for the guarantee. The validity of a guarantee or commitment to guarantee made under this chapter is incontestable.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 53705(a)46 App.:1273(d).June 29, 1936, ch. 858, title XI, § 1103(d), (e) (1st sentence), as added June 23, 1938, ch. 600, § 46, 52 Stat. 969; Aug. 15, 1953, ch. 513, § 1, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 3, 68 Stat. 1268; June 25, 1956, ch. 438, 70 Stat. 332; Aug. 7, 1956, ch. 1026, § 1(a), (c), (d), 70 Stat. 1087; Pub. L. 91–469, § 30, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 910; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 98–595, § 1(1), Oct. 30, 1984, 98 Stat. 3130. 53705(b)46 App.:1273(e) (1st sentence).
Editorial Notes
Amendments
2008—Pub. L. 110–181 repealed Pub. L. 109–163, § 3507(a)(1)(C). See 2006 Amendment note below. 2006—Pub. L. 109–163, § 3507(a)(1)(C), which directed the amendment of section 1273(e) of the former Appendix to this title from which this section was derived in part by striking “Secretary” each place it appears and inserting “Secretary or Administrator”, was repealed by Pub. L. 110–181. See
Historical and Revision Notes
above.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53705
Title 46 — Shipping
Last Updated
Apr 5, 2026
Release point: 119-73not60