Business or trade obligations

50 U.S.C. § 4026

• Title: 50 — War and National Defense
• Chapter: SUBCHAPTER VII—FURTHER RELIEF

Text

(a) Availability of non-business assets to satisfy obligations
If the trade or business (without regard to the form in which such trade or business is carried out) of a servicemember has an obligation or liability for which the servicemember is personally liable, the assets of the servicemember not held in connection with the trade or business may not be available for satisfaction of the obligation or liability during the servicemember's military service.
(b) Relief to obligors
Upon application to a court by the holder of an obligation or liability covered by this section, relief granted by this section to a servicemember may be modified as justice and equity require.

History

(Oct. 17, 1940, ch. 888, title VII, §706, as added Pub. L. 108–189, §1, Dec. 19, 2003, 117 Stat. 2865.)

Editorial Notes

Editorial Notes

Codification
Section was formerly classified to section 596 of the former Appendix to this title prior to editorial reclassification and renumbering as this section.

Statutory Notes and Related Subsidiaries

Effective Date
Section applicable to any case not final before Dec. 19, 2003, see section 3 of Pub. L. 108–189, set out as a note under section 3901 of this title.