Title 7 — AgricultureRelease 119-73not60
§938 Full Faith and Credit of the United States
Title 7 › Chapter 31— RURAL ELECTRIFICATION AND TELEPHONE SERVICE › Subchapter III— RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS › § 938
Summary
Secretary-made insurance or guarantee contracts are fully backed by the U.S. government and final unless the holder knew of fraud when becoming holder.
Full Legal Text
Title 7, §938
Agriculture — Source: USLM XML via OLRC
Any contract of insurance or guarantee executed by the Secretary under this subchapter shall be an obligation supported by the full faith and credit of the United States and incontestable except for fraud or misrepresentation of which the holder had actual knowledge at the time it became a holder.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1994—Pub. L. 103–354 substituted “Secretary” for “Administrator”. 1975—Pub. L. 94–124 substituted “of which the holder had actual knowledge at the time it became a holder” for “of which the holder has actual knowledge”.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective May 11, 1973, see section 12 of Pub. L. 93–32, set out as a note under section 930 of this title.
Reference
Citations & Metadata
Citation
7 U.S.C. § 938
Title 7 — Agriculture
Last Updated
Apr 3, 2026
Release point: 119-73not60