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42 U.S.C. § 2365 — Amount of indemnity

submitted 71 years ago by ch. 543 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 118 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Commission’s indemnity equals the unpaid balance of a hypothetical 20-year loan, minus the property’s sale price, if all payments due before notice were made. The hypothetical loan uses the original purchase price and local average charges for similar property.

The indemnity under § 2363 is the amount that would have remained unpaid on a hypothetical loan, less the property’s sale price. The loan is treated as having been made when the Commission executed the original deed, for the Commission’s purchase price, with equal monthly principal and interest payments over 20 years. Its interest and other charges are based on the average charges recorded for the same class of property in the community. The amount is calculated only if all payments due by the date the Commission received notice had been made.
the actual law source: uscode.house.gov ↗public domain

The indemnity obligation of the Commission specified in section 2363 of this title shall be for such amount, less the sales price of the property, as would have remained unpaid under a loan entered into on the date of the execution of the original deed by the Commission—

(1)

which was in the amount of the purchase price from the Commission and provided for equal monthly payments of principal and interest over a period of twenty years computed on the basis of the average interest and other charges recorded for property of the same class at the community; and

(2)

on which all payments due to the date when notice was received by the Commission had been made.

Source credit: (Aug. 4, 1955, ch. 543, ch. 6, § 65, 69 Stat. 479.)

history & why it existsrecord from the source credit
  • 1955Enacted · Act of Aug. 4, 1955, ch. 543 · 69 Stat. 479

A history note hasn’t been published yet. The record shows enactment by ch. 543 on 1955-08-04.

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