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15 U.S.C. § 1850 — Protection of Government’s interest

submitted 55 years ago by Pub. L. 92-70 to r/title-15-COMMERCE-AND-TRADE · 119 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Attorney General must enforce rights belonging to the United States under guarantees issued under this chapter. Recovered money goes to the emergency loan guarantee fund, and the Board may recover guarantee payments from liable persons.

(a) Attorney General and fund. The Attorney General must take appropriate action to enforce any right belonging to the United States or one of its officers or agencies because guarantees were issued under this chapter. Money recovered under this section must be paid into the emergency loan guarantee fund. (b) Recovery and subrogation. The Board may recover from the borrower or any other liable person the amount the Board paid under a guarantee agreement. When the Board makes that payment, it receives all rights that the payment’s recipient had.
the actual law source: uscode.house.gov ↗public domain
(a) Attorney General, enforcement authority; payments into emergency loan guarantee fund

The Attorney General shall take such action as may be appropriate to enforce any right accruing to the United States or any officer or agency thereof as a result of the issuance of guarantees under this chapter. Any sums recovered pursuant to this section shall be paid into the emergency loan guarantee fund.

(b) Recovery rights; subrogation

The Board shall be entitled to recover from the borrower, or any other person liable therefor, the amount of any payments made pursuant to any guarantee agreement entered into under this chapter, and upon making any such payment, the Board shall be subrogated to all the rights of the recipient thereof.

Source credit: (Pub. L. 92–70, § 11, Aug. 9, 1971, 85 Stat. 181.)

history & why it existsrecord from the source credit
  • 1971Enacted · Pub. L. 92-70 · 85 Stat. 181

A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-70 on 1971-08-09.

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