19 U.S.C. § 1916 — Administration of financial assistance; recording of mortgages

FEDERAL · 19 U.S.C. · Chapter 7

Administration of financial assistance; recording of mortgages

Current through Pub. L. 119-102

Title 19 — Customs Duties·Subtitle VI·Ch. 7 — TRADE EXPANSION PROGRAM·Subch. III·Pt. II

(a)Guarantees, agreements for deferred participation, and loans In making and administering guarantees, agreements for deferred participation, and loans under section 1914 1 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

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(a) Guarantees, agreements for deferred participation, and loans
In making and administering guarantees, agreements for deferred participation, and loans under section 1914 1 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.

19 U.S.C. § 1916 (Administration of financial assistance; recording of mortgages) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 87–794, title III, §316, Oct. 11, 1962, 76 Stat. 888.)

Editorial Notes

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.

Related

Source Credit

History

Editorial Notes