12 U.S.C. § 1735f–1 — Waiver of deduction on assignment of property to Secretary in lieu of foreclosure
submitted 92 years ago by Pub. L. 89-754 to r/title-12-BANKS-AND-BANKING · 69 words · no verdicts yet
This section sets rules about Waiver of deduction on assignment of property to Secretary in lieu of foreclosure. It also states the conditions, exceptions, procedures, and definitions included in those rules.
Even if another provision of this chapter says otherwise, from and after November 3, 1966 , the Secretary, under that terms and conditions as he may approve, may waive all or a part of the 1 per centum deduction otherwise made from insurance benefits about multifamily housing or land development mortgages assigned to him, where the assignment is made at his request in lieu of foreclosure of the mortgage.
Notwithstanding any other provision of this chapter, from and after November 3, 1966, the Secretary, under such terms and conditions as he may approve, may waive all or a part of the 1 per centum deduction otherwise made from insurance benefits with respect to multifamily housing or land development mortgages assigned to him, where the assignment is made at his request in lieu of foreclosure of the mortgage.
Source credit: (June 27, 1934, ch. 847, title V, § 523, as added Pub. L. 89–754, title III, § 312, Nov. 3, 1966, 80 Stat. 1271.)
- 1934Enacted · Pub. L. 89-754 · 80 Stat. 1271
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-754 on 1934-06-27.
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