38 U.S.C. § 2053 — Default

FEDERAL · 38 U.S.C. · Chapter SUBCHAPTER VI—LOAN GUARANTEE FOR MULTIFAMILY TRANSITIONAL HOUSING

Default

38 U.S.C. § 2053

ChapterSUBCHAPTER VI—LOAN GUARANTEE FOR MULTIFAMILY TRANSITIONAL HOUSING

This text of 38 U.S.C. § 2053 (Default) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

38 U.S.C. § 2053.

Text

(a)The Secretary shall take such steps as may be necessary to obtain repayment on any loan that is in default and that is guaranteed under this subchapter.

(b)Upon default of a loan guaranteed under this subchapter and terminated pursuant to State law, a lender may file a claim under the guarantee for an amount not to exceed the lesser of—

(1)the maximum guarantee; or

(2)the difference between—

(A)the total outstanding obligation on the loan, including principal, interest, and expenses authorized by the loan documents, through the date of the public sale (as authorized under such documents and State law); and

(B)the amount realized at such sale.

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(a) The Secretary shall take such steps as may be necessary to obtain repayment on any loan that is in default and that is guaranteed under this subchapter.
(b) Upon default of a loan guaranteed under this subchapter and terminated pursuant to State law, a lender may file a claim under the guarantee for an amount not to exceed the lesser of—
(1) the maximum guarantee; or
(2) the difference between—
(A) the total outstanding obligation on the loan, including principal, interest, and expenses authorized by the loan documents, through the date of the public sale (as authorized under such documents and State law); and
(B) the amount realized at such sale.

Source Credit

History

(Added Pub. L. 105–368, title VI, §601(a), Nov. 11, 1998, 112 Stat. 3344, §3774; renumbered §2053, Pub. L. 107–95, §5(d)(1), Dec. 21, 2001, 115 Stat. 918.)

Editorial Notes

Editorial Notes

Amendments
2001—Pub. L. 107–95 renumbered section 3774 of this title as this section.

Statutory Notes and Related Subsidiaries

Effective Date
Section effective Oct. 1, 1998, see section 602(f) of Pub. L. 105–368, set out as an Effective Date of 1998 Amendment note under section 2106 of this title.

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Bluebook (online)

38 U.S.C. § 2053, Counsel Stack Legal Research, https://law.counselstack.com/usc/38/2053.